Seoul: South Korea and the Association of Southeast Asian Nations (ASEAN) were set to hold talks Friday on improving their free trade agreement (FTA) to reflect recent changes in the global trade environment, Seoul's industry ministry said. The South Korean delegation, comprising officials from various ministries, including industry, finance, environment, and agriculture, as well as other related agencies, will engage in a virtual meeting with trade delegations from the 10 ASEAN member nations.
According to Yonhap News Agency, the 10 ASEAN member states include Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Vietnam, and Thailand. The meeting will focus on enhancing the FTA by incorporating modern rules in new trade areas, such as supply chains and the digital economy. This initiative follows the signing of an FTA on the trade of goods in 2006, accompanied by agreements on services in 2007 and investment in 2009.