The ASEAN-Korea Trade in Goods Agreement was signed in 2006 and entered into force in 2007, without Thailand.

The ASEAN-Korea Trade in Goods Agreement when fully realized by all 11 Parties will see elimination of import duties on 94% of the tariff lines. More than 90% of the tariff lines for ASEAN-6 (Brunei Darussalam, Indonesia, Malaysia, The Philippines, Singapore and Thailand) and Korea are already eliminated as at 1 January 2012.

The Second Protocol to Amend the Agreement on Trade in Goods under the Framework Agreement was signed on 17 November 2011 with the aim of facilitating the unilateral acceleration of tariff commitments, including the transfer of products from the Sensitive Track to the Normal Track.

The Trade in Services Agreement was signed without Thailand in 2007.  Thailand acceded to the Trade in Goods Agreement and the Trade in Services Agreement in during the 14th ASEAN Summit in February 2009. The ASEAN-Korea Trade in Services Agreement, signed on 17 November 2007 was entered into force on 1 May 2009.  All Parties has ratified the Agreement.

The ASEAN-Korea Investment Agreement signed in June 2009 and entered into force on 1 September 2009.  The Agreement has been ratified by all Parties.

The ASEAN-Korea Free Trade Area has a total population of 632.1 million with a combined GDP of US$3.46 trillion (2012)