In 2015, meetings were convened several times at the official level within the framework of ASEAN-ROK. The 12th meeting of the Asean-Korea Free Trade Area (AKFTA) was one of the most important, held in Seoul in May 2015. The meeting made progress on several issues. On merchandise trade, progress has been made on additional market access for sensitive products, the implementation of HS 2012-specific rules of origin, and the development of a draft protocol amending the NAFTA Agreement on Trade in Goods. On investment, progress has been made in the negotiations on the investor-state dispute settlement (ISDS) mechanism and the preparation of the Annex on Expropriation and Compensation, the Annex on Customs Measures and Expropriation, and the Reservation Lists. In the field of economic cooperation, the meeting approved akec funding for 7 cooperation projects. In 2015, meetings were convened several times at the official level within the framework of ASEAN-ROK. This protocol improved the substances of the agreement to facilitate the use by companies of the preferential tariff system and included issues such as the availability of a tariff reduction plan for lines based on HS2012 and the use of electronic signatures. In addition, AEM-ROK approved the Additional Sensitive Products modality, under which both sides agreed to liberalize an additional 1-2% of the current liberalized tariff lines.
Thailand would benefit from additional market access for sugar, textiles and clothing, processed seafood, tiles and hygiene items. The AEM-ROK meeting was convened in Kuala Lumpur, Malaysia, on 23 August 2015. The Meeting noted with satisfaction that the third protocol amending NAFTA for Thailand and the Republic of Korea since 10 January entered into force on 1 January 2016. This protocol improved the substances of the agreement to facilitate the use by companies of the preferential tariff system and included issues such as the availability of a tariff reduction plan for lines based on HS2012 and the use of electronic signatures. Free Trade Agreement: NAFTA Background At the Korea-ASEAN Summit held in Bail on October 8, 2003, the Heads of State and Government of the two sides agreed on the establishment of a joint expert group to study the strengthening of economic, trade and development cooperation, including the feasibility of establishing a free trade area (FTA). The joint expert group then concluded that the establishment of a free trade area between ASEAN and Korea would improve trade and investment and expand benefits for both sides in other areas. During the 8th ASEAN-ROK Summit, held in Vientiane, Laos, on 30 November 2004, the Heads of State and Government agreed to establish a framework for a free trade agreement between the two sides over a period of two years, to be concluded by 2006, and to cover the liberalization of trade in goods and services as well as investment and economic cooperation between ASEAN members and the Republic of Korea Current status in Jah r 2015. Meetings at the official level within the framework of ASEAN-ROK have been convened on several occasions….