The ASEAN-RoK Commemorative Summit is underway in Busan. (Photo: Yonhap) Seoul (VNA) – The Republic of Korea (RoK)'s trade with Southeast Asiancountries soared around twentyfold this year compared to that recorded in 1989,according to data released by the RoK Ministry of Trade, Industry and Energyand the Korea International Trade Association as saying.
The combined exports to the 10 members of the Association of Southeast AsianNations (ASEAN) reached 80 billion USD over the January-October period of 2019,while its imports hit 47.4 billion USD. It indicated that the RoK enjoyed atrade surplus of 32.6 billion USD.
In 2018, South Korea's combinedexports to the members reached 100 billion USD, with the trade surplus hitting 40billion USD.
The latest figures are significantas the RoK’s exports to ASEAN members hit around 3.9 billion USD in 1989, withimports standing at around 4.1 billion USD, indicating trade jumped aroundtwentyfold in the past three decades.
By country, the RoK’s trade withVietnam grew at the sharpest pace. While Vietnam was the 59th-largest exportpartner for the RoK in 1989, the Southeast Asian country became thefourth-largest partner in 2018.
A RoK government official said the ASEANmembers are growing at a fast pace, and they are considered to be young andprominent markets for the future. He expected the RoK’s trade with thecountries will continue to grow in the future.
Earlier this month, the ASEANmembers, the RoK and other dialogue partners namely China, Japan, Australia andNew Zealand reached an agreement known as the Regional Comprehensive EconomicPartnership (RCEP).
The nations agreed on 20 chapters of the RCEP and will continue talks to signthe deal in 2020.
This is the largest free trade agreement that the RoK has participated in as itaccounts for one third of the global GDP. It plays an important role for Asia’sfourth largest economy in the context that the country is making efforts toexpand its global trade network./.
VNA
