Korea and Asean on Wednesday held the inaugural meeting of a joint committee designed to discuss improvements to their bilateral FTA, Seoul's Ministry of Trade, Industry and Resources said.

Trade delegations from the two sides held the meeting virtually, about six months after Korea and Asean agreed to commence talks to improve the existing FTA in a bid to further expand cooperation on emerging issues, such as the digital economy, supply chains and critical minerals, according to the Trade Ministry.

Korea and Asean signed an FTA on goods in 2006, followed by agreements on services in 2007 and investment in 2009. Asean is currently Korea's third-largest trading partner, with Korea exporting some $122.5 billion worth of goods to the region last year.

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