Tuesday, April 21, 2009 by ASEAN-KOREA
- Since the establishment of the Dialogue Relationship in 1989, ASEAN and Republic of Korea has been maintaining exchanges and developing relations. Since 1997, the ASEAN-Republic of Korea Summit Meeting has been annually held. In November 2004, celebrating the 15th anniversary of the establishment of their Dialogue Relationship, ASEAN and Republic of Korea adopted the Joint Declaration on Comprehensive Cooperation Partnership, thus building a stronger relationship.
- ASEAN and Republic of Korea have maintained a very close economic relationship as well. In 2008, the trade scale between ASEAN and Republic of Korea reached US$ 90.2 billion (exports US$ 49.3 billion, imports US$ 40.9); following China and the EU, ASEAN is one of Korea’s top three trade partners. The ASEAN is also Korea’s second top foreign investment target area, and also second top foreign construction market. In August 2006, the ASEAN-Republic of Korea FTA on goods was established, and in November 2007, the FTA on the service area was established, garnering hopes that economic exchanges between the two areas will become more active.
- Active exchanges of developmental experiences and developmental support projects are also in progress. The scale of developmental support amounts to US$ 283 million (total in 2007, 22.2% of total) in grants, and US$ 1.57 billion (total in 2008, 37.3% of total) in credit assistance. Aside from this, for increased cooperation such as stronger human resource exchanges, advancement of trade and investment, and transfer of technology, an ASEAN-Republic of Korea cooperative fund of US$ 3 million is being operated.
- The ASEAN-Korea Center, an international organization that was established by the 10 members of ASEAN and Korea, officially started off on March 13 (Fri.), 2009, after its foundation ceremony at the Press Club in Seoul. With the establishment of the center, Korea looks forward to increased trade and investment between the ASEAN member countries and Korea, and more active cultural and tourism exchanges, which will contribute to the progress of cooperative relations between Korea and the ASEAN region.