ASEAN-South Korea cooperation broadened

The Republic of Korea considers ASEAN as the core of the “New Southern Policy” initiated by President Moon Jae-in and supports the bloc’s efforts to promote its central role in the regional cooperation and connectivity process. That statement was made by the RoK at the sixth meeting of the ASEAN-Korea Joint Cooperation Committee (AKJCC) in Jakarta on April 12.
In an article published recently on the Asia News Network, South Korean President Moon Jae-in affirmed that apart from trade, which recorded a new high at 160 billion US dollars in 2018, ASEAN-RoK cooperation would further expand into other areas. These include advanced science and technology, information and communication technology, transport, energy and the defense industry. The cooperation would also make constructive contributions to strengthening connectivity in the region, a goal pursued by ASEAN.

The RoK has decided to double its contributions to the ASEAN-Korea Economic Cooperation Fund in 2019 to 14 million US dollars.
In 2017, President Moon Jae-in declared the “New Southern Policy”, a diplomacy initiative aimed at expanding diplomatic and economic ties with Asian neighbors. This policy is based on the guiding principles of “3P” - building a community of people, prosperity and peace. 

 ASEAN-Korea Start-up Week was held in Seongnam, Gyeonggi province, South Korea in October 2018 
by the ASEAN-Korea Center and the Gyeonggi Center for Creative Economy & Innovation (GCCEI). Photo: Manh Hung/VNA

A trade fair on wood products of ASEAN countries held in 
Ilsan, Gyeonggi province. Photo; Huu Tuyen/VNA

Painter Tran Khanh Chuong, President of the Vietnam Fine Arts Association presents a gift to a representative of the KIRO Art Association of South Korea at a Vietnam-South Korea fine arts exhibition. Photo: Thanh Dat/VNA 

Pha Rung Shipyard Company's ceremony to deliver 6,500 DWT oil/chemical tanker Yn Gwangyang exported to South Korea.
Photo: Tuan Phan/VNA

 Manufacturing electronic components at the Doosung Tech Vietnam, a Korean company in Luong Son industrial zone, Hoa Binh.
Photo: Danh Lam/VNA

A traditional art performance by artists from Dak Lak and 
Jeollabuk provinces within the Buon Ma Thuat Coffee Festival in 2019.
Photo: Tuan Anh/VNA

Vietnam-South Korea music night to welcome new year 2019 held by the South Korea Embassy in Vietnam 
and the Ministry of Culture, Sports and Tourism. Photo: Thanh Tung/VNA

The Vietnamese Association in South Korea organized the Vietnamese culture festival in Seoul in October 2018. Photo: Manh Hung/VNA 

Samsung launches its Galaxy S10 in Vietnam. Photo: Tien Luc/VNA

The RoK lauded ASEAN’s role in and support for the peace and denuclearization process on the Korean Peninsula, especially through the summits between the US and the Democratic People’s Republic of Korea in Singapore in 2018 and in Vietnam in 2019. ASEAN affirmed its support for the inter-Korean dialogue and denuclearization on the Korean Peninsula by means of peace.
Over the past few years, the RoK has supported ASEAN in building a Code of Conduct (COC) in the East Sea, and committed to actively engaging in and contributing to important ASEAN-led cooperation mechanisms and forums such as the East Asia Summit (EAS), the ASEAN Regional Forum (ARF), ASEAN Defense Ministers’ Meeting Plus (ADMM+), and the Expanded ASEAN Maritime Forum (EAMF).

ASEAN members have also lauded the RoK’s “New Southern Policy”, affirming that the country is one of the leading partners of the bloc.

The Vietnam-RoK relationship is a spotlight in ASEAN-RoK relations. The RoK is now the largest foreign investor in Vietnam with registered foreign direct investment totaling around 65 billion US dollars as of October 2018 with more than 7,000 projects.

The country is also Vietnam’s second largest trade partner while the Southeast Asian country is the fourth biggest trade partner of the RoK.

The Vietnam-RoK free trade agreement which took effect in December 2015 has contributed to boosting bilateral trade.
The RoK is the second biggest ODA provider in Vietnam with a total committed fund of 1.5 billion US dollars from 2016-2020.

Cultural and people-to-people exchanges have also developed given similar cultural and historical foundations.

The RoK has been the fifth biggest trade partner and investor of ASEAN, with two-way trade reaching 152.5 billion US dollars in 2017, over 160 billion US dollars in 2018 and the flow of foreign direct investment (FDI) from the RoK into the ASEAN hitting 5.3 billion US dollars in 2018.

Through cooperation mechanisms such as the ASEAN-Korea Free Trade Agreement (AKFTA) and the joint Action Plan, the two sides are hoping to raise two-way trade to 200 billion US dollars by 2020.

Story: VNP - Photos: VNA


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