South Korea to begin free trade talks with ASEAN countries

South Korea to begin free trade talks with ASEAN countries

South Korea will begin free trade negotiations with ASEAN (Association of South East Asian Nations) countries next year and pick up the pace of talks with other potential partners, South Korean Foreign Affairs and Trade Minister said. The official announcement will be made next week at a meeting of leaders of the 10-member ASEAN in Laos. South Korea sealed its only free trade agreement with Chile in April this year, although Korean farmers and labour unions protested against the deal. South Korea continues negotiations with Singapore and Japan for trade agreements and hopes to seal a deal with Singapore by the end of this year. ASEAN countries consist of Thailand, Singapore, Indonesia, Vietnam, the Philippines, Brunei, Laos, Myanmar, Malaysia and Cambodia have recorded a total annual trade of more than $720 billion last year. Trade between South Korea and ASEAN countries was recorded as approximately $39 billion in 2003.