The economic ministers of the Association of Southeast Asian Nations (ASEAN) members and South Korea pushed for a “closer and more practical” trade actions and partnership, citing the rising geopolitical tensions across the globe.
The ministers met at the Philippine International Convention Center in Pasay City on Sunday for the 23rd ASEAN Economic Ministers-Republic of Korea (ROK) Consultation, co-chaired by Trade Secretary Ma. Cristina Roque and Korean Minister for Trade Park Jung-sung.
In the joint statement after the meeting, the ministers said they exchanged views on regional and global economic developments such as the Middle East crisis, noting that rising geopolitical tensions, including unilateral trade actions and regional conflicts, collectively threaten rules-based international order.
These developments, the ministers said, imposed significant cost burdens on businesses, added to inflationary pressures, and created an increasingly unpredictable operating environment, particularly for micro, small and medium enterprises.
“In this challenging climate, the meeting stressed that a closer and more practical economic partnership between ASEAN and ROK is not only essential but also urgent,” the ministers said.
The ministers reaffirmed their countries’ commitment to strengthen trade and investment ties, while advancing deeper and more resilient supply chain integration.
ASEAN-SoKor FTA upgrade
The commencement of the ASEAN-Korea Free Trade Area (AKFTA) Upgrade negotiations was also welcomed during the meeting.
The negotiations seek to make the AKFTA commercially meaningful and relevant to businesses, trade-facilitative, modern, and responsive to regional and global developments.
New areas being considered include supply chain connectivity, energy cooperation, raw and intermediate materials, sustainable development, green economy, and digital economy.
The meeting said these areas would help strengthen regional resilience and competitiveness while addressing challenges from climate change and digital transformation.
ASEAN and the ROK encouraged officials to work toward a substantial conclusion of the negotiations by 2027.
According to ASEAN preliminary statistics, two-way merchandise trade between ASEAN and the ROK reached USD226.1 billion in 2025, while ROK foreign direct investment (FDI) into ASEAN totaled USD8.9 billion.
The figures placed the ROK as ASEAN’s sixth-largest trading partner and seventh-largest source of FDI in 2025.
The meeting also noted the ROK’s proposal for the ASEAN-ROK Partnership for Resilient Industrial Supply Chains and Materials, which seeks to strengthen the resilience and competitiveness of regional industrial supply chains.
The proposed initiative covers cooperation in minerals, processing and advanced materials, manufacturing, and circularity.
The meeting further welcomed continued implementation of the Technology Advice and Solutions from Korea Programme, with seven ASEAN member states having participated in 16 projects aimed at strengthening industrial capacity. (PNA)
