Forging Regional Ties: Trade Minister Leads Charge at ASEAN Economic Ministers Meeting, Summit Agenda Takes Center Stage

South Korea Confirms Economic Agenda for ASEAN Summit

Director of Trade Negotiations Jeong In-kyo

The Ministry of Trade, Industry and Energy announced on the 22nd that the economic agenda for the summit had been confirmed at the meeting of the economic ministers associated with ASEAN held before the ASEAN (Association of Southeast Asian Nations) summit to be held in October.

Minister Jeong In-kyo Hosts Economic Ministers’ Meetings

Minister of Trade, Industry and Energy Jeong In-kyo hosted the East Asia Summit (EAS) Economic Ministers’ Meeting, Korea-ASEAN Economic Ministers’ Meeting, ASEAN+3 (Korea, Japan, China) Economic Ministers’ Meeting, and Partnership Regional Comprehensive Economic Forum held in Vientiane, Laos on the 21st to 22nd (local time).

Cooperation Measures Discussed at EAS Economic Ministerial Meeting

At the EAS Economic Ministerial Meeting, cooperation measures at the EAS level related to new trade issues such as supply chain, digital transformation, and climate change were discussed.

Korea-ASEAN Economic Ministers’ Meeting

Subsequently, at the Korea-ASEAN Economic Ministers’ Meeting, an inspection was carried out on cooperation projects such as implementation and upgrading of the Korea-ASEAN Free Trade Agreement (FTA), extension of the Korea-ASEAN start-up partnership, support for electrical construction of security infrastructure, and promotion of standard cooperation.

Launch of ‘Korea-ASEAN Think Tank Dialogue’ Proposed

At this event, Director Chung proposed to launch the ‘Korea-ASEAN Think Tank Dialogue’, a regular consultative body between research institutions in the economic and trade fields, next year to mark the 35th anniversary of the establishment of Korea-ASEAN dialogue relations.

Consensus Formed on Strengthening Cooperation at ASEAN + 3 Economic Ministers Meeting

At the ASEAN + 3 Economic Ministers Meeting, a consensus was formed on strengthening cooperation based on the multilateral trade system amid the fragmentation of the global economy and East Timor’s accession to ASEAN at the RCEP Ministerial Meeting, pending issues such as measures to strengthen implementation of RCEP, preparation of admission procedures, and establishment of support institutions.