The venue of the ASEAN-Republic of Korea Commemorative Summit at International Convention Center, Jejudo (island) (Photo: Yonhap News)

To mark the 20-year-long relationship between Korea and the Association of Southeast Asian Nations (ASEAN), the leaders of the ASEAN countries -- Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam --will gather on Jeju Island to attend the ASEAN-Republic of Korea Commemorative Summit, scheduled to take place on June 1, 2009.

During the two-day summit, titled "Partnership for Real, Friendship for Good," Korea and the ASEAN member countries will discuss the developments of 20 years of cooperative relations between Korea and the countries in the ASEAN region and future directions for progress and methods to combat current global issues, including the financial crisis and climate change. This upcoming summit is to put the "New Asia Diplomacy Plan" into action, strengthen Korea''s collaborative relations with the Southeast Asian region and expand Korea''s diplomatic relations.

In conjunction with the Commemorative Summit, the ASEAN-Korea CEO Summit will also be held, which will provide a chance to promote cooperation between businessmen in Korea and the ASEAN region. The ASEAN-Korea Traditional Music Orchestra performance, composed of diverse traditional instruments from the 11 countries, will build a strong foundation for closer ties among them all.

Ahead of the two-day summit, a series of events are to take place on May 29 to celebrate its opening. These events include the Jeju International Culture and Tourism Expo at Jeju World Cup Stadium on May 30, Jeju Traditional Folk Performance at Jeju Art Park and an ASEAN-Korea Traditional Orchestra performance on May 31.

ASEAN, rising as Korea''s third largest trade partner

Flags welcoming the ASEAN-Korea Commemorative Summit on Jejudo (Photo: Yonhap News)

Ahead of the ASEAN-Korea Commemorative Summit, scheduled for June 1-2. 2009, the Korean government is refocusing the importance of economic cooperation between Korea and ASEAN.

According to the Ministry of Strategy and Finance on May 28, Korea used to have an economic structure focused only on trade with the United States, China and Japan. But since 2000, it secured one of its stronger trade partners -- ASEAN -- through building economic cooperation with Southeast Asian countries. Furthermore, the country has at the same time successfully transformed itself into a moderator between its neighboring countries China and Japan.

Through the upcoming ASEAN-Korean Commemorative Summit, the Korean government aims to enhance the close partnership with ASEAN to overcome the global economic crisis and pursue ways to promote in co-existence and co-prosperity through extending the volume of economic cooperation between Korea and ASEAN.

 

National flags of ASEAN countries and Korea hanging outside the venue of the ASEAN-Korea Commemorative Summit in Jejudo (island) (Photo: Yonhap News)

Korea''s total export volume recorded US$422 billion in 2008, including its trade to China, which amounted to $168.3 billion, and its trade to the European Union of $98.3 billion.
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Korea''s trade with ASEAN tripled to $90.2 billion in 2008 from the volume in 2001, according to the ministry, making ASEAN Korea''s third largest trade partner. Korea''s trade with Japan recorded $89.2 billion and that with the United States $84.7 billion.

Also, ASEAN is the second largest economic area that Korea is making investment into. In 2008, Korea invested $6.1 billion in the United States, $5.8 billion in ASEAN, $4.8 billion in China and $3 billion in the EU.

Korea''s investment in ASEAN showed a gradual increase by recording $960 million in 2005, $3.7 billion in 2006, $6.3 billion and $5.8 billion in 2007 and 2008, respectively. The cumulative amount of the total investment from 1968 to 2008 is estimated to $29.2 billion.

In November 2007, Korea and ASEAN signed the Korea-ASEAN FTA in the services sector, during the 11th Korea-ASEAN summit. 
 
As of 2007, the population of ASEAN recorded 580 million people with a GDP of $1.28 trillion. In terms of GDP, ASEAN is a larger economic bloc than the EU and expected to play a greater role in the world economy through its plan of hammering out an ASEAN FTA or economic cooperative body like the EU.

ASEAN is also rising as the center of global economic and diplomatic cooperation. ASEAN is playing a key role in discussions of free trade negotiations, forming a regional economic cooperative body and financial cooperation. Led by ASEAN+3, discussions about the formation of the East Asia FTA, East Asia Economic Caucus, and regional financial cooperative body are currently under way.
 

 * source : Korea.net