The ASEAN Korea Free Trade Agreement (AKFTA) was proposed by the Korean President Roh Moo Hyun in October 2003 at the ASEAN-Republic of Korea Summit held in Bali, Indonesia.

Negotiations began in 2005 and the Trade in Goods chapter of the AKFTA entered into force in June 2007. It was agreed that ASEAN-6 and Korea shall eliminate tariffs for 90% of all products by 2010. Thailand signed the Accession Protocols to the Trade in Goods and the Trade in Services Agreements under the AKFTA on 27 February 2009.