1. At the Korea-ASEAN Economic Ministers’ conference held in Kuala Lumpur, Malaysia on August 24, 
Korean trade minister and ASEAN member countries’ economic ministers officially signed the Agreement 
on Trade in Goods of the Korea-ASEAN FTA, which was signed in May. 

- Pursuant to the official signing of the Agreement on Trade in Goods of the Korea-ASEAN FTA, the Korean 
government plans to commence the domestic procedure for entering into force the Agreement on Trade in 
Goods in conjunction with the FTA’s framework agreement and dispute settlement system agreement that 
were signed in December of 2005. Items traded between Korea and ASEAN are expected to at the earliest 
benefit from eliminated or reduced tariffs within this year resulting from the agreement’s entry into force.

 
2. In addition, at this meeting, the trade ministers of Korea and ASEAN, with the exception of Thailand, 
signed letters stipulating the specific implementation method for applying preferential tariffs on Gaeseong 
Industrial Complex goods.

- According to the exchanged letters, each ASEAN member country is to apply preferential tariffs to 100 
selected items out of the 232 items currently being, or planned to be, produced in the Gaeseong Industrial 
Complex.

- The selections of the ASEAN member countries reveal a balanced mixture of goods being or planned to be 
produced in the Gaeseong Industrial Complex, with clothing the most selected item (24.8%) and clocks the 
second most selected item (17.9%).

- While the letters on the Gaeseong Industrial Complex exchanged between Korea and ASEAN were signed 
separately from the Agreement on Trade in Goods of the Korea-ASEAN FTA, they constitute a part of the 
Agreement on Trade in Goods and will come into force simultaneously with it. 

                                                          Spokesperson for MOFAT

* unofficial translation