The ASEAN-Korea Free Trade Agreement (AKFTA) Implementation Committee held a virtual meeting on June 10, 2025 to discuss the implementation status of the AKFTA as well as the implementation of technical cooperation activities through the AKFTA Economic Cooperation Fund (AKEC Fund). The meeting also discussed the possibility of upgrading the AKFTA and updated the progress of joint studies on digital trade and new trade agendas for countries to refer to in future negotiations.

On June 10, 2025, the ASEAN-Korea Free Trade Agreement Implementation Committee Meeting was held online with the participation of representatives of ASEAN member countries and the Republic of Korea, along with the ASEAN Secretariat.

At the Meeting, ASEAN countries and the Republic of Korea reviewed the implementation of the AKFTA Agreement, including a number of contents such as the implementation of technical cooperation activities through the AKFTA Economic Cooperation Fund (AKEC Fund), updating the progress of converting the Tariff Schedule (TRS) and the List of Specific Rules (PSR) according to the Harmonized Commodity Description and Coding Nomenclature (HS) of the World Customs Organization (WCO) from HS 2017 to HS 2022.

Also at this Meeting, ASEAN countries and the Republic of Korea continued to discuss the possibility of upgrading the AKFTA Agreement to enhance the effectiveness of ASEAN-Korea cooperation and to suit the current economic context. The meeting aims to finalize the Joint Guidance Document for the possible upgrading of the AKFTA (for reference in the future negotiation process for upgrading) before the 22nd ASEAN-ROK Economic Ministers' Consultation scheduled for September 2025 as directed by the Ministers at the 21st ASEAN-ROK Economic Ministers' Meeting in 2024. The meeting also noted the progress in developing the Joint Studies on Digital Trade and the Joint Studies on Cooperation in New Trade Agendas proposed by Korea in the context that the current AKFTA does not include content on digital trade as well as emerging trade sectors. In essence, the two studies assessed relevant global trends, current policies, challenges, opportunities and digital gaps between ASEAN and Korea, and made specific recommendations for upgrading the AKFTA to ensure that it is consistent with economic and technological developments and promotes a sustainable trade cooperation environment. The budget for the studies was drawn from the Economic Cooperation Fund of the AKFTA.

Source: Compiled by the Multilateral Trade Policy Department, Ministry of Industry and Trade of Viet Nam