South Korea and Vietnam Execute Initial Free Trade Agreement

kpopluv, March 30, 2015, 8:03 a.m.

Korea and Vietnam initialed a bilateral free-trade agreement on Saturday, the Ministry of Trade, Industry and Energy said Sunday.  The two sides aim to formally sign the deal in the first half of this year, and to implement it by year's end.

The agreement will see Korea and Vietnam remove import tariffs on more than 90 percent of trade items, not including rice, a sensitive item for Korean farmers. The ministry expects the deal will help boost exports to Vietnam, particularly in the textiles, auto-parts and electronics industries.

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