South Korea and 10 Association of Southeast Asian Nations (ASEAN) agreed to upgrade their strategic partnership to jointly respond to regional as well as international challenges such as trade protectionism.

The joint statement was announced at the third ASEAN-Korea Commemorative Summit held Busan from Monday as Korea hosted such event for the third time.

The 25-section joint declaration for peace, prosperity and partnership was adopted by host, President Moon Jae-in, and ASEAN leaders on Tuesday during special summit at Busan Exhibition & Convention Center in Busan.

The regional leaders will be committed to ensuring a peaceful region by promoting and facilitating “dialogue and cooperation, including through ASEAN-led mechanisms to support complete denuclearization” and establishing permanent peace on the Korean Peninsula in a peaceful manner,” and thus contributing to “lasting peace, security, and stability.”

They vowed readiness to continue to play a “constructive role” in contributing to "peace and stability” on the Korean peninsula.

The leaders agreed to strengthen regional cooperation for peace and stability by continuing coordination between Korea and ASEAN members, noting that peace and stability in Southeast Asia are linked with that of Northeast Asia including the Korean peninsula.

The joint vision statement called for enhanced cooperation in security areas to respond to traditional and non-traditional security challenges such as transnational crime, terrorism, and violent extremism, and strengthened cybersecurity cooperation.

The leaders agreed to also contribute to enhancing regional and international peace, security, stability, prosperity, and partnership through the strategic partnership relations between Korea and ASEAN members.

The Asian leaders reconfirmed their commitment “to support for the enhancement of trade and investment and the resistance to all forms of protectionism” to improve regional development and prosperity. They also agreed to continue to cooperate to “narrow the development gap” in the region.

Korea and ASEAN members will enhance efforts to advance economic cooperation for shared prosperity in terms of trade and investment, connectivity, micro, small and medium enterprises, and startups partnership and innovation. They will also build a “people-centered community of peace and prosperity” based on the shared goal of ASEAN vision of an “integrated, peaceful and stable community” and accelerate co-prosperity through “freer movement of goods and services.”

The leaders agreed in the joint vision statement to utilize cooperation fund between Korea and ASEAN to advance practical cooperation. They also highlighted their commitment to continue to cooperate to narrow the development gap among ASEAN member states and enhance connectivity.

The joint declaration also calls for enhanced technical and financial support in areas such as sustainable infrastructure, digital innovation, seamless logistics, regulatory innovation, and people mobility such as road, rail, air, sea, and digital linkages within ASEAN.

After hosting the ASEAN event, Korea on Wednesday holds a separate summit with “Mekong” five nations – Cambodia, Laos, Myanmar, Thailand and Vietnam.

By Pulse

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