Google

ASEANAFFAIRS
Sign up | Log in

    ASEAN PROFILES

  ASEAN KEY DESTINATIONS

NEWS UPDATES 
1 Nov 2008

Related Stories
August 13, 2008
Cambodia attracts $1.5bn FDI in H1

June 20, 2008
Korean projects heat up Cambodian property market

Korea-Cambodia FTA to take effect in November

A free trade agreement (FTA) between South Korea and Cambodia will go into effect as of November, Korean news agency quoted the government as saying Friday.

Korean Ministry of Strategy and Finance said the moves follows notification by Phnom Penh on Thursday that all domestic administrative and legal processes have been completed for the open trade regime, which is expected to greatly increase two-way trade.

Under the agreement, Seoul will immediately ax import duties on 10,658 manufactured goods made in the Southeast Asian country including those for various clothing and shoes.

Tariffs on 108 farm and fisheries goods including bananas, pineapples, rice, beef and pork are to be excluded because of possible impact on the local economy, the ministry said.

"Importers that provide country-of-origin verification papers issued by Cambodia's commerce ministry could import goods free of duties starting Saturday," a official said.

Bilateral trade reached $300 million last year, with South Korea posting a surplus of $270 million.

Cambodia is the ninth Association of Southeast Asian Nations (Asean) member to ratify such a pact with Korea, while Thailand being the only holdover.

An FTA with Singapore went into effect on March 2006, followed by Indonesia, Malaysia, Vietnam and Myanmar in June 2007. Tariffs were cut for goods from the Philippines starting in January of this year, while those for Brunei Darussalam and Laos became effective in July and this month respectively.

South Korea is a late starter in the FTAs with its first going into effect in April 2004 with Chile. It has since ratified an FTA with the European Free Trade Association in September 2006, and signed a pact with the United States in late June, 2007 that is pending approval by lawmakers from both countries.





 

 

 

Comment on this Article. Send them to  your.views@aseanaffairs.com

Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited

 
or
submit your comment in the box below 

Name

Name


Email

Email



1.  Verifier

1. Verifier

For security purposes, we ask that you enter the security code that is shown in the graphic. Please enter the code exactly as it is shown in the graphic.
Your Code
Enter Code

Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

Our Products | Work with us | Terms of Use | Site Map | Privacy Policy | Refund Policy | Shipping/Delivery Policy | DISCLAIMER |

Version 5.0
Copyright © 2007-2015 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand
asean@aseanaffairs.com