Vietnam, RoK hold new FTA round

The Republic of Korea (RoK) and Vietnam began the fifth round of free trade agreement (FTA) talks in Seoul on May 20 in an effort to reach a deal late this year.

During the four-day round, both sides will have an in-depth discussion of such areas as commodities, services, investment, rules of origin,  customs procedures, and cooperation.

A RoK Ministry of Trade, Industry and Energy (MOTIE) release says once the trade pact is signed, it will open up new opportunities for strengthening economic and trade ties between the two countries.

Notably, the pact will offer trade and investment liberalisation at a higher level than another FTA between the RoK and ASEAN.

Vietnam and the RoK launched FTA negotiations in November 2012, and they both aim to end negotiations late this year.

Vietnam is the RoK’s 9^th largest trading partner, with two-way trade hitting US$28.26 billion in 2013. It is also the fourth largest Korean investment attractor, with a combined capitalisation of US$1.46 billion last year.