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  HOME | Business & Economy (Click here for more)

South Korea, ASEAN Strengthen Ties at Commemorative Summit in Busan

SEOUL – South Korea and the Association of Southeast Asian Nations agreed on Tuesday to strengthen their strategic partnership at a summit commemorating the 30th anniversary of relations between the two sides.

South Korean President Moon Jai-in and the leaders of the 10 ASEAN member countries signed a joint declaration at the end of their first meeting held in the port city of Busan, 450 kilometer (280 miles) southeast of Seoul.

The document will serve as a road map for ties between Seoul and ASEAN after the Moon administration adopted a new strategy to further enhance trade with Southeast Asia at a time marked by trade tensions between its two main partners, China and the United States.

According to the declaration, both sides will promote dialogue and cooperation “to support complete denuclearization and the establishment of permanent peace on the Korean Peninsula in a peaceful manner,” South Korean news agency Yonhap reported.

The agreement also seeks to strengthen security cooperation in areas such as terrorism as well as cybersecurity in order to promote development of the digital economy in Southeast Asia.

The two sides also agreed to promote economic cooperation in investment and trade, with special attention on small, medium and micro enterprises, as well as tech startups.

The 10 member countries of ASEAN are Brunei, Myanmar, Cambodia, Philippines, Indonesia, Laos, Malaysia, Singapore, Thailand and Vietnam.

Bilateral talks between the two sides began in November 1989 and South Korea was accorded full dialogue partner status by the regional bloc in 1991.

 

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