The South Korean Foreign Ministry said Monday that a merchandise free trade agreement between South Korea and the Association of Southeast Asian Nations (ASEAN), excluding Thailand, will take effect on June 1.

"The deal was ratified by the National Assembly on April 2 and it will take effect on June 1," the Ministry of Foreign Affairs and Trade said in a statement.

South Korea and nine out of the 10 member states of ASEAN signed the agreement last year, aimed at liberalizing merchandise trade by 2010.

It will be the 17th FTA talks between South Korean and ASEAN. The negotiation will last until Friday. The two sides will discuss how to reduce barriers on services and investment, the ministry said.

Last week, South Korea and the U.S. reached their final pact of the free trade agreement.

Source: Xinhua