The Republic of Korea is a member of the Asia-Pacific Economic Cooperation (APEC) forum. One goal of APEC, as outlined in its 1994 declaration, is to establish a Free Trade Area among its member countries by the year 2020. Substantive principles of the APEC forum include investment liberalization, tariff reduction, deregulation, government procurement, and strengthening IPR protection. Korea was the host country for APEC in 2005.
Korea has ratified Free Trade Agreements (FTAs) with Chile and Singapore. It has signed, but not yet ratified, an FTA with the United States.
Korea has signed a framework agreement with the Association of South East Asian Nations (ASEAN) that has led to an FTA in goods by the end of 2006 and other areas by the end of 2008. Korea is in the midst of an FTA negotiations with the EU.
The Republic of Korea is a member of the World Trade Organization (WTO) and has signed subsidiary agreements including TRIPs (Trade Related Aspects of Intellectual Property) and the Government Procurement Agreement. Korea has been a member of the Organization for Economic Cooperation and Development (OECD) since December 1996.