(VOV) - The Republic of Korea (RoK) is set to hold ministerial-level talks with Vietnam over a bilateral free trade agreement (FTA) soon, said the RoK Trade Ministry on July 15.
RoK, Vietnam strengthen strategic partnership
According to the ministry, the RoK is trying to complete bilateral FTAs with a number of ASEAN member countries in a bid to increase trade turnover.
The RoK is also in negotiations with Indonesia on a Comprehensive Economic Partnership Agreement (CEPA), which is equivalent to a free trade agreement.
According to the RoK Trade Ministry, the two countries held their first round of free trade talks in Jakarta last week.
If the bilateral free trade pacts with Vietnam and Indonesia are sealed, Korean exports to both ions will increase, said a ministry official.
The RoK has a general FTA with the 10-member ASEAN bloc that includes Indonesia and Vietnam but it has also been seeking bilateral pacts with some ASEAN members to boost trade cooperation in the region.