MANILA (Bernama-PNA): Asean economic ministers and South Korea called for closer and more practical trade cooperation and partnership amid rising geopolitical tensions worldwide, Philippine News Agency (PNA) reported.
The ministers met at the Philippine International Convention Centre 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 South Korean Minister for Trade Park Jung-sung.
In a joint statement issued after the meeting, the ministers said they exchanged views on regional and global economic developments, including the West Asia crisis, noting that rising geopolitical tensions, unilateral trade actions and regional conflicts collectively threaten the rules-based international order.
These developments, the ministers said, have imposed significant cost burdens on businesses, added to inflationary pressures and created an increasingly unpredictable operating environment, particularly for micro, small and medium-sized 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 strengthening trade and investment ties while advancing deeper and more resilient supply chain integration.
AseanSoKor FTA upgrade
The ministers also welcomed the commencement of negotiations to upgrade the Asean-Korea Free Trade Area (AKFTA).
The negotiations seek to make the AKFTA commercially meaningful, 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, the green economy and the digital economy.
The meeting said these areas would help strengthen regional resilience and competitiveness while addressing challenges arising from climate change and digital transformation.
Asean and South Korea encouraged officials to work towards a substantial conclusion of the negotiations by 2027.
According to preliminary Asean statistics, two-way merchandise trade between ASEAN and South Korea reached US$226.1 billion in 2025, while South Korean foreign direct investment (FDI) into Asean totalled US$8.9 billion.
The figures placed South Korea as Asean's sixth-largest trading partner and seventh-largest source of FDI in 2025.
The meeting also noted South Korea'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 the 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.
-- BERNAMA-PNA
