Korea, ASEAN to hold special summit on regional economic ties, global crisis

By Byun Duk-kun
JEJU ISLAND, South Korea, May 31 (Yonhap) -- South Korean President Lee Myung-bak
was to arrive here Sunday for a special summit with leaders of the 10-member
Association of Southeast Asian Nations (ASEAN) that will focus on expanding
economic ties and efforts to fight the global economic crisis.
The special Korea-ASEAN summit marks the 20th anniversary of the "dialogue
partnership" between the two sides. The two-day commemorative summit will begin
Monday, following a business forum that will also be held here on the popular
southern resort island of Jeju.
"At the ASEAN-Korea Commemorative Summit, the leaders will discuss the
developments of cooperative relations between Korea and the countries in the
ASEAN region over the past 20 years, and examine ways to further develop their
relationship in the future," summit organizers said earlier.
The summit will be attended by leaders of all 10 member countries -- Brunei,
Cambodia, Indonesia, Laos, Malaysia, Myanmar, Singapore, Thailand, the
Philippines and Vietnam.
Topping the agenda will be development and strengthening of economic ties between
South Korea and the regional body.
Trade between Korea and ASEAN nations increased dramatically since they
established a dialogue partnership in 1989 from some US$8.2 billion to over $90
billion last year, according to Kim Jae-shin, South Korea's senior presidential
secretary for foreign affairs.
Seoul's direct investment in ASEAN countries also jumped from $7.2 billion in
2004 to over $58 billion in 2008.
Lee and ASEAN leaders are expected to sign an investment treaty when they meet
here this week, which South Korean officials said will mark the start of
"complete, full free trade" between the sides.
Seoul and ASEAN have already signed and enacted free trade deals on goods and
services.
Over 700 government and business leaders from Korea and ASEAN countries are
expected to attend the two-day CEO summit.
"Asia's role and responsibility in the international community remained
relatively small in the past. But in recent years, especially as we entered the
21st century, Asia has emerged as a great power economically and in many other
aspects," the South Korean president said in a recent interview.
"That is why cooperation within the Asian region is important and that is why it
is especially important to improve ties between Korea and ASEAN," Lee had said.
The leaders will also seek ways to form a joint front against the global economic
and financial crisis as they seek substantive discussions on establishing a
regional monetary fund with Japan and China.
The countries, known as ASEAN Plus Three, agreed in February to establish a
$120-billion fund under the so-called Chiang Mai Initiative that is designed to
help fight short-term regional liquidity problems.
South Korean President Lee will also take the opportunity to improve his
country's bilateral relations with the Southeast Asian nations as he will hold
one-on-one talks with all 10 leaders of ASEAN on the sidelines of the Jeju
summit, according to the presidential office Cheong Wa Dae.
Lee met with Vietnamese Prime Minister Nguyen Tan Dung and held a bilateral
summit with his Philippine counterpart Gloria Macapagal Arroyo in Seoul Saturday.
bdk@yna.co.kr
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