Korea and the Southeast Asian Nations (ASEAN) singed an investment agreement on the last day of the ASEAN-Korea summit (June 2), which is taking place on Korea''s southernmost island of Jeju-do (Jeju Island).
 

The summit took place to commemorate the 20th anniversary of Korea-ASEAN relations.
The investment agreement, signed by Korean trade minister Kim Jong-hoon and 10 other such ministers from ASEAN countries, is expected to work as a legal framework to expand trade and investment between the two sides, Korea''s Foreign Ministry said.

The ministry added that the agreement this time is even more comprehensive than the ASEAN Comprehensive Investment Agreement (ACIA) in terms of investment protection. The ACIA was signed by the ASEAN economic ministers in December 2008.

The ASEAN-Korea agreement emphasizes bilateral efforts to enhance fair and equal treatment of both sides, to improve investment-related transparency, and to better cope with investment disputes.

The investment agreement will take effect after the 11 countries -- Korea and all 10 ASEAN members -- finish their internal deliberations and preparation, the foreign ministry said.

Previously, Korea-ASEAN free trade agreements on goods and services took effect in June 2007 and May 2008, respectively.