ASEAN, RoK ministers meet within framework of AEM-52
ASEAN economic ministers held online consultations with external partners, including the Republic of Korea (RoK), within the framework of the 52nd ASEAN Economic Ministers’ Meeting (AEM-52) and related meetings, on August 29.
The 17th AEM-RoK Consultations is co-chaired by Vietnamese Minister of Industry and Trade Tran Tuan Anh and Minister of Trade Yoo Myung-hee of the RoK on August 29. (Photo: asean.org)
Hanoi (VNA) – ASEAN economic ministers held online consultations with externalpartners, including the Republic of Korea (RoK), within the framework of the 52nd ASEAN Economic Ministers’ Meeting (AEM-52) and related meetings, on August 29.
The 17th AEM-RoK Consultations was co-chaired by Vietnamese Minister of Industry andTrade Tran Tuan Anh, and Minister of Trade YooMyung-hee of the RoK.
The participatingministers spoke of the adverse impact of the COVDI-19 pandemic on people’sdaily lives and society in the region, and reiterated their commitments to workingtogether in order to drive back the disease and maintain macro-economicstability.
They highlighted thesignificance of opening the market and ensuring the regional sustainable supplychain, especially for essential goods like pharmaceutical products and food, inthese efforts.
The delegates agreedthat the Regional Comprehensive Economic Partnership (RCEP) agreement should besigned this year to spur regional economic development and social stability.
They lauded outcomesof the ASEAN-RoK Commemorative Summit in Busan, the RoK, last November, andstressed leaders’ commitments to promoting trade liberalisation of goods,services and investment between the two sides by simplifying administrativeprocedures and connectivity with the private sector during the process.
Statistics show thattrade between ASEAN and the RoK reached 156.5 billion USD last year, making up5.6 percent of the grouping’s trade revenue with external partners.
Meanwhile, the RoK’sforeign direct investment in ASEAN hit some 2.6 billion USD, accounting for around1.6 percent of total foreign investments in the bloc.
The RoK, therefore, becameASEAN’s fifth largest trade partner and ranked seventh among the external investorsin ASEAN in the year.
During the meeting,the ministers also talked about the establishment of the ASEAN-RoK IndustrialInnovation Centre and Standardisation Joint Research Centre over the pasttime./.
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The Ministry of Commerce reported that imports also rose 18% to 29.9 billion USD during the same period, resulting in a trade surplus of 1.1 billion USD. In May alone, Thailand posted a 4.6 billion USD trade surplus with the US and a 4.1 billion USD trade deficit with China.
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Member states also reviewed progress on six priority areas for 2025, including the development of an underground cable framework, the follow-up agreement to the ASEAN Petroleum Security Agreement (APSA), the launch of the ASEAN Energy Efficiency Database, and the rollout of an investment platform for sustainable building initiatives.
The 17th AEM-RoK Consultations is co-chaired by Vietnamese Minister of Industry and Trade Tran Tuan Anh and Minister of Trade Yoo Myung-hee of the RoK on August 29. (Photo: asean.org) 
