But beyond doubling efforts to market the country's export products, the government must assess the benefits and disadvantages of existing free trade agreements to reverse trade imbalances with bilateral or multilateral partners, as in the case of the AKFTA
,' Antig said.
On the other hand, the utilization rates of AKFTA
for exports to South Korea from Thailand, Malaysia, and Vietnam were very high and far exceeded other FTAs.
Ong said the senior economic officials are now starting to discuss services and investment agreements to complete the AKFTA
The company has also been adjusting its prices to reflect benefits from the Asean-Korea Free Trade Agreement (AKFTA).
Prices of Hyundai vehicles are set to become more competitive, as the AKFTA provides a tariff rate reduction on imported vehicles to 5 percent from the current 20 percent effective 2016.
The AKFTA agreement was inked by the 10 ASEAN leaders and South Korean President Roh Moo Hyun during the two-day ASEAN Summit in Vientiane.
The AKFTA objective is to move toward deeper economic integration between the region and South Korea through ''progressive elimination of all forms of barriers'' to trade in goods, services and investment through trade and investment facilitation and economic cooperation measures.
''The negotiations on AKFTA shall commence in early 2005 and be completed within two years.
AKFTA will have two timelines for the South Korea, one with older ASEAN states and one with the newer members.
The utilization of preferential treatment under the ASEAN-Korea FTA (AKFTA
) by Vietnamese export enterprises stood at an even more impressive 79.0 per cent in 2009, however, this fell to 66.0 per cent in 2010 before jumping to 90.8 per cent in 2011.
These capture the effect of the three plurilateral PTAs (ACFTA, AKFTA
and the TPP) listed in Table 1.