S. Korea-ASEAN trade soars 61 pct on free trade pact

SEOUL, May 31 (Yonhap) -- Trade between South Korea and the Association of Southeast Asian Nations (ASEAN) jumped 61 percent in four years after their free trade pact went into effect, Seoul's trade ministry said Tuesday. A free trade agreement (FTA) between South Korea and the 10-member economic bloc on merchandise took effect in June 2007. Similar deals on services and investments also came into effect. According to the ministry, bilateral trade volume reached US$106.8 billion from June 2009 to May 2011, up 61 percent from four years ago. South Korea's exports to ASEAN surged 68 percent over the cited period, and imports soared 52 percent as well, the ministry said. Last year, South Korea and ASEAN agreed to work toward further trade liberalization. Separately, South Korea is also seeking to forge separate FTAs with Malaysia, Vietnam and Indonesia as part of efforts to boost bilateral trade. South Korea, whose economy heavily depends on trade, has been aggressive in forging trade pacts with other nations, highlighted by the sealing of a free trade accord with the European Union (EU) in October last year. The free trade pact with the EU is set to take effect on July 1 after South Korea's National Assembly ratified the deal in April. The European Parliament passed the accord in February. South Korea currently has free trade agreements with India, Chile, Singapore and the European Free Trade Association. A free trade deal with the United States is awaiting parliamentary ratification.