Hanoi (VNA) – Economic ministers from ASEAN countries and the Republic of Korea (RoK) have agreed to promote a “closer and more practical” economic partnership amid rising geopolitical tensions, regional conflicts and unilateral trade measures that are creating greater uncertainty for the global economy.
The agreement was reached at the 23rd ASEAN Economic Ministers-RoK Consultation held in Pasay city, the Philippines, on September 20. The meeting was co-chaired by Philippine Trade Secretary Ma. Cristina Roque and Korean Minister for Trade Park Jung-sung.
In a joint statement, the ministers said rising geopolitical tensions, unilateral trade actions and regional conflicts were creating challenges to the 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.
The ministers reaffirmed their commitment to strengthening trade and investment ties and developing deeper, more resilient supply chain links.
They welcomed the launch of negotiations to upgrade the ASEAN-Korea Free Trade Area (AKFTA), with the aim of making the agreement more business-friendly, trade-facilitative and responsive to regional and global economic changes.
New areas under consideration include supply chain connectivity, energy cooperation, raw and intermediate materials, sustainable development, the green economy and the digital economy.
The two sides encouraged officials to work toward a substantial conclusion of the AKFTA upgrade negotiations by 2027.
According to preliminary ASEAN statistics, two-way merchandise trade between ASEAN and the RoK reached 226.1 billion USD in 2025, while Korean FDI in ASEAN totaled 8.9 billion USD. The RoK was ASEAN’s sixth-largest trading partner and seventh-largest source of FDI that year./.
VNA
