ASEAN-Korea Relations

• Diplomatic Relations

  • Korea has diplomatic relations with all 10 ASEAN Member States
    ※ North Korea also has diplomatic relations with 10 AMS
  • ASEAN and Korea enjoy active high-level exchanges through bilateral visits and multilateral meetings at summit and ministerial levels.

  Trade and People-to-people exchanges (2019)

  • Trade: USD 153.36 billion (export USD 95.38 billion, import USD 57.98 billion)

    * ASEAN is Korea’s second largest trading partner

  • Investment: USD 9.66 billion

    * ASEAN is Korea’s second largest investment destination

  • Construction: USD 8 billion

    * ASEAN is Korea’s largest construction market

  • People-to-people exchanges: 12.74 million reciprocal visits in 2019

    - Korea → ASEAN: 10.05 million (ASEAN is the most popular travel destination for Koreans)

    - ASEAN → Korea : 2.69 million

  ※ Sources: Trade (Korea International Trade Association), Investment (Export-Import Bank of Korea), Construction (International Construction Association of Korea), Visitors (Korea Tourism Organization)

• Importance of ASEAN-Korea Relations

  • Since establishing dialogue partnership in 1989, ASEAN and Korea have maintained a close and comprehensive partnership. Today, the two have become key partners in various areas.
    

    - The Free Trade Agreements (Goods, Services, Investment) were completed between the two in 2009, and in 2010 the partnership was elevated to a strategic partnership. Today, the two regions enjoy a vibrant exchange of its peoples.

    * ASEAN is Korea’s second largest trading partner, the largest construction market, the second largest investment destination. For ASEAN, Korea is the region’s fifth largest trading partner. As such, the two regions have developed into indispensable economic partners to each other.

  • Korea opened the ASEAN Culture House on September 1, 2017 in Busan to promote ASEAN culture and art to the Korean public, which was the first such attempt among ASEAN’s dialogue partners.
  • In November 2017, Korea declared the New Southern Policy, giving priority to ASEAN relations in Korea’s foreign policy. On the same year, Korea announced the Vision for a Future Community of ASEAN and Korea.
  • In November 2019, Korea hosted the ASEAN-ROK Commemorative Summit on the occasion of the 30th anniversary of dialogue relations giving added momentum to the realization of the ASEAN-Korea Community of peace and prosperity centered on its peoples.

  ASEAN-Korea Cooperation Fund

  • A total of USD 95 million have been contributed to the AKCF from 1990 to 2018.

    - The annual contribution has doubled from USD 7million to USD 14 million since 2019

  • AKCF is used to fund projects agreed by ASEAN on Korea in areas of development, technology transfer, human resources development, culture and academic exchanges.
  • The ASEAN-Korea Program Management Team was established in Jakarta in December 2016 for the overall management of the AKCF and its programs.

ASEAN-Korea Dialogue Mechanisms

• ASEAN-ROK Summit

  • The leaders of ROK, China and Japan, at the invitation of ASEAN, attended the first ASEAN+3 Summit which was held on the sidelines of the second ASEAN Informal Summit held in December 1997. At this occasion, the plus three countries also held a separate “bilateral” (ASEAN+1) meetings.
  • When the ASEAN+3 Summits became annual meetings following the second ASEAN+3 Summit in December 1998, the ASEAN+1 Summits (ASEAN-ROK, ASEAN-Japan, ASEAN-China) also became annual meetings to discuss issues of mutual interest.

  ASEAN-ROK Foreign Ministers’ Meeting

  • Since 1979 ASEAN held the Post Ministerial Conference with its 10 dialogue partners
  • The ASEAN-ROK Foreign Ministers’ Meeting is held every year during the PMC 10+1 session of the annual ASEAN Ministerial Meeting held around July~August.

  ASEAN Economic Ministers (AEM)-ROK Consultations

  • ASEAN and Korea agreed at the 7th ASEAN+3 Summit in October 2003 to hold the AEM-ROK Consultations on the sidelines of the annual ASEAN+3 Economic Ministers’ Meeting from 2004.
  • The agenda of the meeting cover economic issues ranging from ASEAN-Korea FTA and regional FTAs such as RCEP.

  ASEAN-ROK Dialogue

  • The ASEAN-ROK Dialogue is a SOM-level meeting held annually to review ASEAN-ROK cooperation in political-security, economic and socio-cultural areas and discuss ways to further enhance the partnership.
  • The SOM leaders also exchange views on regional issues including situation on the Korean Peninsula.

  Joint Cooperation Committee

  • Held in the first half of every year at the ASEAN Secretariat, the Joint Cooperation Committee discusses implementation of various ASEAN-Korea cooperation programs in areas ranging from security, economy, culture, environment and education

    ※ JCC Working Group : Working Group meetings are held in preparation for the JCC meetings and reviews the status of various programs and activities that are funded by the AKCF