Tue, October 26, 2021

business

Asean and South Korea to deepen trade ties


Asean countries and South Korea agreed to improve their free trade agreement during the recent 18th Asean-Korea Economic Ministers Consultation held virtually from September 13 to 15, Vice Commerce Minister Sansern Samalapa said on Sunday.

“The meeting agreed to expand the existing Asean Korea Free Trade Agreement (AKFTA) to provide tax exemption for additional products and promote trading between Asean members and South Korea,” he said.

“The ministers also urged the countries to exchange know-how in Covid-19 management to speed up their economic recovery after the outbreak situation has improved.

“South Korea is especially eager to cooperate with Asean nations in various aspects, such as establishing an industrial innovation centre to promote innovation development and commercial adaptation of innovations in Southeast Asia and South Korea,” added Sansern.

“They are also interested in opening more research and development centres dedicated to startup businesses in the region.”

The meeting also urged Vietnam, the only country in Asean yet to sign the Asean-Korea Trade in Goods Agreement (AKTIGA), to do so as soon as they can so that the agreement can start taking full effect. The AKTIGA is expected to help Asean-Korean entrepreneurs speed up export and import processes by issuing and signing a product’s certificate of origin digitally.

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Statistics from the Commerce Ministry indicate that South Korea is currently Thailand’s ninth biggest trade partner with total trade value at $9.1 billion in the first seven months of 2021, increasing 34.5 per cent from the same period of the previous year. Thailand’s exports to South Korea were valued at $3.39 billion, comprising rubber products, wood, computer components, chemicals and aluminium products. Thailand’s imports from South Korea were recorded at $5.71 billion, made up of iron, steel, and electronic circuits.

Published : September 27, 2021