Cambodia, Indonesia, Laos and Thailand are expected to complete internal procedures soon regarding the services pact, it said.

South Korea and ASEAN have been in negotiations to complete free trade talks on four accords, pertaining to merchandise, services, investment and dispute settlement.

In 2006, Seoul forged a deal with ASEAN countries, excluding Thailand, to free up merchandise trade by 2010. Thailand joined in February this year after disagreements on the rice trade were resolved.

In April, both sides reached agreement on bilateral investment.

Two-way trade was worth US$90.2 billion last year, 10.5 percent of South Korea’s total trade volume.

Seoul in recent years has sought numerous free trade pacts to bolster its export-dominated economy. It already has deals with Chile, Singapore and the European Free Trade Association.

Source: AFP