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South Korea, Asean pledge to boost trade as ‘indispensable friends’ in face of protectionism
- Summit wraps up with promise to double down on efforts to build economic ties
- Commitment comes as Korea feels the pinch from the US-China tariff war and disputes with Japan
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South Korea and the Asean countries on Tuesday vowed to redouble efforts to expand economic cooperation despite the global wave of protectionism, promising to boost two-way trade to US$200 billion next year from the current US$160 billion.
The pledge, made as President Moon Jae-in and leaders of 10 countries in the Association of Southeast Asian Nations wrapped up a summit in Busan to mark 30 years of ties, comes two years after Seoul launched its New Southern Policy to prioritise relations with the region.
The commitment also comes amid disputes between South Korea and Japan over trade and history that threaten to slow growth further as the two East Asian nations feel the pinch from the US-China tariff war.
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At the start of the summit on Monday, Moon cheered how his country and the bloc had seen “trade, investment and people-to-people exchanges significantly increase – 20 times, 70 times and 40 times, respectively.
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“We have now become indispensable friends to each other, and together we dream new dreams and turn each into a reality one by one,” he said.
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