1. Economic Ministers from the ten ASEAN Member States and the Minister of Trade, Industry and Energy of the Republic of Korea met on 23 August 2015 in Kuala Lumpur, Malaysia for the Twelfth AEM-ROK Consultations. The Consultations were co-chaired by H.E. Dato’ Sri Mustapa Mohammed, Minister of Trade of Malaysia and H.E. Yoon Sang-jick, Minister of Trade, Industry and Energy of Republic of Korea.
2. The Ministers noted the performance of ASEAN-Korea bilateral trade and investment. According to ASEAN statistics, trade between ASEAN and Korea reached USD 131.5 billion in 2014, accounting for 5.2 per cent of ASEAN’s total trade. Korea is ASEAN’s fifth largest trading partner, a position that it has maintained since 2010. Foreign direct investment (FDI) from Korea to ASEAN amounted to USD 4.5 billion in 2014. This accounted for 3.3 per cent of all FDI into ASEAN, placing Korea as ASEAN’s sixth largest source of FDI.
3. The Ministers reaffirmed the Leaders’ commitment made at the 2nd ASEAN-Korea Commemorative Summit, which was held in December 2014 in Busan, Korea to commemorate the 25th Anniversary of ASEAN-Korea Dialogue Relations, to strengthen efforts to boost economic cooperation between ASEAN and Korea, and to improve market access for goods and services. The Ministers welcomed the Leaders’ resolve to increase ASEAN-Korea trade to USD 200 billion in 2020, by maximising the utilisation of the ASEAN-Korea Free Trade Agreement (AKFTA), noting the complementarity of ASEAN and Korea’s economies.
Download the full Joint Statement here.
- ABOUT ASEAN
The Association of Southeast Asian Nations, or ASEAN, was established on 8 August 1967 in Bangkok, Thailand, with the signing of the ASEAN Declaration (Bangkok Declaration) by the Founding Fathers of ASEAN: Indonesia, Malaysia, Philippines, Singapore and Thailand. Brunei Darussalam joined ASEAN on 7 January 1984, followed by Viet Nam on 28 July 1995, Lao PDR and Myanmar on 23 July 1997, and Cambodia on 30 April 1999, making up what is today the ten Member States of ASEAN.Menu - WHAT WE DO
ASEAN organs always strive to achieve ASEAN’s goals and objectives, the Secretary-General of ASEAN and the ASEAN Secretariat shall be functioned as coordinating Secretariat to help facilitate effective decision-making withing and amongst ASEAN bodies. In addition, each Member State shall appoint a Permanent Representative to liaise with Secretary-General of ASEAN and the ASEAN Secretariat
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ASEAN shall develop friendly relations and mutually beneficial dialogues, cooperation and partnerships with countries and sub-regional, regional and international organisations and institutions. This includes external partners, ASEAN entities, human rights bodies, non-ASEAN Member States Ambassadors to ASEAN, ASEAN committees in third countries and international organisations, as well as international / regional organisations.
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The rodmap for an ASEAN Community (2009-2015) was declared by the leaders in 2009. The ASEAN Community, anchored on three community pillars: Political-Security Community, Economic Community, Socio-Cultural Community was launched in 2015. The ASEAN 2025: Forging Ahead Together was introduced in 2015 as a Post-2015 Vision. It comprises the ASEAN Community Vision 2025, the ASEAN Political-Security Community Blueprint 2025, the ASEAN Economic Community Blueprint 2025 and the ASEAN Socio-Cultural Community Blueprint 2025
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