South Korea and the ten members of the Association of Southeast Asian Nations (ASEAN) have finalized the adoption of a free trade agreement (FTA).

Trade Minister Kim Jong-hoon and his Thai counterpart, Porntiva Nakasai, signed the South Korea-Thailand FTA Friday on the sidelines of the ASEAN Leaders Summit held in Thailand. The move completed the final piece of the ASEAN-South Korea trade pact which was adopted by other ASEAN member countries in 2006.

Under the deal, South Korea and Thailand will abolish more than 90 percent of import tariffs on both countries’ items between 2010 and 2017.

The government said the trade pact will significantly boost Korean products’ price competitiveness. Such products include automobiles, machinery and tires.

The deal is also expected to lead to larger imports of agricultural goods from Thailand, including rice, rubber, and fruit.