VIENTIANE  – The Deputy Secretary-General of ASEAN for Economic Community, Satvinder Singh, attended the 40th SEOM-ROK Consultation in Vientiane, Lao PDR. The meeting focused on the implementation and potential upgrade of the ASEAN-Korea Free Trade Area (AKFTA), highlighting the ongoing commitment to enhancing economic cooperation between ASEAN and Korea. Discussions also covered the status of economic collaboration, aiming to foster stronger trade relations and mutual growth.

The economic relationship between ASEAN and Korea officially began in 1989 when South Korea became a dialogue partner of ASEAN. This partnership has grown significantly over the years, with a major milestone being the signing of the Framework Agreement on Comprehensive Economic Cooperation in 2005.

This agreement laid the groundwork for the ASEAN-Korea Free Trade Area (AKFTA), which came into effect on January 1, 2010. The AKFTA has facilitated increased trade and investment between the two regions, with bilateral trade reaching $156.5 billion in 2019. Korea is now ASEAN’s fifth-largest trading partner and seventh-largest source of foreign direct investment.

This robust economic cooperation continues to evolve, focusing on areas such as digital technology and manufacturing, aiming to strengthen regional production networks and prepare for the 4th Industrial Revolution. (zai)