The Republic of Korea’s trade ministry has launched talks with ASEAN to upgrade their free trade agreement (FTA) and further lower trade barriers, as the country seeks to diversify its trade portfolio and expand its presence in Southeast Asia.
Senior Officials of ASEAN and the Republic of Korea participate in the 22nd ASEAN-RoK Dialogue in Seoul on June 21, 2018. (Photo: asean.org)
Seoul (VNA) – The Republic of Korea’s trade ministryhas launched talks with ASEAN to upgrade their free trade agreement (FTA) andfurther lower trade barriers, as the country seeks to diversify its tradeportfolio and expand its presence in Southeast Asia.
Officials from the two sides held a virtual meeting todiscuss ways to expand their bilateral economic ties, the Ministry of Trade,Industry and Energy said on July 27.
The RoK, Asia's fourth largest economy, and ASEANimplemented their FTA in 2007.
ASEAN currently stands as the second-largest trading partner of the RoK, with their transactions reaching 143.8 billion USD in 2020, morethan doubling from 61.8 billion USD tallied in 2006.
Outbound shipments to ASEAN stood at 89 billion USD lastyear, also rising from 32.1 billion USD tallied in 2006.
The RoK and ASEAN have agreed to further lower tradebarriers in 2016, but related talks have been delayed as they decided to focuson clinching the Regional Comprehensive Economic Partnership (RCEP).
The RCEP covers ASEAN and its dialogue partners – the RoK,China, Japan, Australia and New Zealand. The participants currently await theofficial launch of the deal, which was signed in November 2020. The signatoriesexpect the trade deal will enter into force on January 1, 2022.
The latest move comes in line with the RoK's efforts todiversify its trade portfolio and cope with the growing protectionism aroundthe globe.
The country currently depends on China and the United Statesfor around 40 percent of its exports./.
Vietnamese Deputy Minister of Foreign Affairs Nguyen Quoc Dung has asked the Republic of Korea (RoK) to continue helping ASEAN countries improve their medical capacity at the 25th ASEAN-RoK Dialogue at the deputy foreign ministerial level held in the form of teleconference on July 6.
Prime Minister Pham Minh Chinh and his counterpart of the Republic of Korea Kim Boo-kyum held a phone talks on July 22 to discuss specific measures promoting bilateral strategic cooperative partnership, towards the 30th anniversary of bilateral diplomatic ties.
In the today context of socio-economic development and growth, the professionalism of Vietnam’s revolutionary journalists continues to rise, guided by exemplary mastery of new information technologies and the modernisation of their founding principles to preserve the enduring values of revolutionary journalism.
Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
Organised by the Ministry of Culture and the Association of Thai Silk & Culture Promotions, the event honors Her Majesty the Queen on her 47th birthday anniversary and promotes Thai craftsmanship on an international stage.
Prensa Latina's recent article on Vietnam’s assurance of smooth and effective transition to a leaner structure highlighted Prime Minister Pham Minh Chinh’s latest directions on implementing 28 resolutions regarding the decentralisation and delegation of authority.
The lab focuses on four key thematic areas: energy transition and green innovation, sustainable agriculture, circular economy and sustainable cities, and nature-based solutions and biodiversity.
The key content of the document titled "Accelerating Innovative Strategies: Addressing the OOSCY Challenges" will be refined further in a seminar preceding the 47th ASEAN Summit in Kuala Lumpur this October.
This follows Telegram’s serious failure to address the content that has been repeatedly reported to them, despite various efforts of negotiation and cooperation made by MCMC, it said.
Efforts to empower women must transcend dialogue and translate into concrete commitments, including corporate pledges and government partnerships, according to the spouse of Malaysian Prime Minister Anwar Ibrahim.
The forum featured two in-depth discussion sessions, engaging representatives from governments, think tanks, and businesses from both ASEAN and China, on how to forge closer ties for a common future.
The new FIFA Hub in Jakarta will not only support football development in Indonesia but also serve as a coordination centre for 21 football associations across Southeast and East Asia.
Minister Counselor Nguyen Hoang Nguyen reaffirmed Vietnam’s principled and consistent stance on the Palestine issue, calling for an immediate and lasting ceasefire across the entire Gaza Strip.
PM Anwar Ibrahim affirmed the determination of Malaysia, as ASEAN Chair for 2025, to utilise all viable regional mechanisms of the bloc and work with partners to de-escalate violence and restore a peace process led by Myanmar.
Talking to the Vietnam News Agency on the occasion of the 100th anniversary of the Vietnam’s Revolutionary Press Day (June 21, 1925–2025), Nikulina, who is also a veteran journalist of Russia’s Sputnik News, emphasised the vital role of mainstream journalism in defending the truth and maintaining public trust.
The Ministry of Commerce reported that imports also rose 18% to 29.9 billion USD during the same period, resulting in a trade surplus of 1.1 billion USD. In May alone, Thailand posted a 4.6 billion USD trade surplus with the US and a 4.1 billion USD trade deficit with China.
The World Bank will provide a 2.1 billion USD financing package for Indonesia, focusing oncreating jobs, stimulating economic growth, and enhancing access to clean energy across the country.
Member states also reviewed progress on six priority areas for 2025, including the development of an underground cable framework, the follow-up agreement to the ASEAN Petroleum Security Agreement (APSA), the launch of the ASEAN Energy Efficiency Database, and the rollout of an investment platform for sustainable building initiatives.
In March, Thai Prime Minister Paetongtarn Shinawatra met with Formula 1 chief Stefano Domenicali and said Thailand would commission a feasibility study into hosting a Grand Prix on a Bangkok street circuit from 2028.
The proposed giant sea wall aligns with bilateral cooperation and has been designated a national priority, considering that several regions in Indonesia are experiencing land subsidence of 10–15 centimetres per year.
International flights were cancelled including Jetstar and Virgin Australia flights to cities across Australia, and flights of Air India, Air New Zealand, Singapore's TigerAir and China's Juneyao Airlines.
Senior Officials of ASEAN and the Republic of Korea participate in the 22nd ASEAN-RoK Dialogue in Seoul on June 21, 2018. (Photo: asean.org)
