S Korea, Asean agree on FTA on services

South Korea and Southeast Asian nations have reached a free trade deal on services, raising the possibility of finalising free trade talks by the end of this year, South Korea's Foreign Affairs and Trade Ministry said Monday.
South Korea, Asia's third-largest economy, and nine of the 10 members of the Association of Southeast Asian Nations (Asean) have been discussing to complete free trade talks on services and investment by year's end.
The proposed free trade agreement between South Korea and Asean consists of four accords on merchandise, services, investment and dispute settlement, according to Yonhap News Agency. In June this year, their free trade deal on merchandise came into force.
Thailand was left out of the merchandise free trade deal due to differences over the proposed rice market opening. But the country came back to the negotiation table with South Korea in April, the ministry said.
South Korea's trade with Asean, its fifth-largest trading partner, reached US$53.5 billion in 2005