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| Dignitaries take part in the Culture Innovation Summit, held on the sidelines of the Korea-ASEAN Commemorative Summit at BEXCO, Busan, Monday. From left are iME (Idea Music Entertainment Group) founder and CEO Brian Chow, Myanmar State Counsellor Aung San Suu Kyi, Laos Prime Minister Thongloun Sisoulith, Thailand Prime Minister Prayut Chan-o-cha, President Moon Jae-in; Big Hit Entertainment founder and CEO Bang Si-hyuk, Netflix CEO Reed Hastings, SK Telecom President Park Jung-ho and French filmmaker Pierre Coffin. Yonhap |
Seoul, Jakarta sign free trade deal
By Do Je-hae
BUSAN ― President Moon Jae-in held a series of bilateral summits on the first day of the Korea-ASEAN Commemorative Summit in Busan, Monday, where he discussed various modes of mutual cooperation for peace and co-prosperity. Moon also invited the nine attending heads of state and representatives of delegations and businesses to a state dinner.
During the summits, the leaders noted the maturity of Korea-ASEAN relations, which mark their 30th anniversary this year. Korea and ASEAN members Thailand and Indonesia have in common that that weathered the financial crisis of the late 1990s and emerged as stronger economies. In the last 10 years, in particular, the relationship has evolved from "compressive cooperation" to a "strategic partnership" with some ASEAN members such as Indonesia.
The President met with the leaders of Thailand, Indonesia and the Philippines on the first of the two-day summit, to which all the heads of the 10 ASEAN countries were invited. Moon reaffirmed his commitment to strengthening ties with the Southeast Asian nations as part of his "New Southern Policy" in the latter half of his presidency. The aim of the diplomatic initiative, which has gained widespread attention in Southeast Asia, is to diversify Korea's diplomacy beyond its traditional focus on the four big powers, the United States, China, Japan and Russia. During the first two years of his term, Moon visited all the ASEAN members, which resulted in business opportunities and people-to-people exchanges.
At the summit, the President and his counterparts are focusing on ways to achieve co-prosperity and peace, and to work together on common challenges such as climate change amid elevated worldwide tension and rivalry between the U.S. and China. They also showed support for Moon's "peace process" on the Korean Peninsula, which has been credited with an initial reduction of tension between the two Koreas and paving the way for denuclearization talks between the U.S. and North Korea.
The summits started with Moon meeting Thai Prime Minister Prayut Chan-o-cha. Moon praised the outcome of the Thai leader's Eastern Economic Corridor (ECC) development plan, and its potential for boosting bilateral industrial cooperation. "Thailand is the second largest economy in ASEAN. Despite the slowdown in the global economy, its economy grew more than 4 percent last year," Moon said according to a press pool report. "Thailand is one of the most important partners in our government's New Southern Policy. We look forward to expanding cooperation between the two countries in various areas including defense, water management, science and technology, and infrastructure, and people-to-people exchanges."
The two leaders signed an MOU for Korea's investment in the ECC. The ECC is aimed at bringing mega infrastructure projects and future industries as well as smart cities to three provinces in the southeastern part of Thailand designated as special foreign investment zones. The Thai leader said that he will extend full support for Korean companies, which have an edge in future industries such as e-vehicles and will invest more in Thailand, according to a statement issued by Cheong Wa Dae after the bilateral summit.
During his meeting with Indonesian President Joko Widodo later in the day, Moon stressed that the two countries were indispensable trading partners and friends of each other.
"Including reciprocal state visits, our two countries' relationship has become unprecedentedly close and special," Moon said. "Our two countries are now pursuing common prosperity as a vital country for each other. Trade volume reached $20 billion last year, and the final conclusion of the CEPA agreement will further boost bilateral trade."
The Ministry of Trade, Industry and Energy said that the two countries had concluded the Comprehensive Economic Partnership Agreement (CEPA), with the official signing of the free-trade deal expected early next year. The two countries also signed an MOU for cooperation on Indonesia's plan to move its capital, under which Seoul will disseminate its experience and knowhow in moving its administrative capital to Sejong City.
Moon also held a summit with Philippine President Rodrigo Duterte and discussed avenues of cooperation in areas of defense, energy and infrastructure among others. The Philippines was the first Southeast country to establish ties with Korea 70 years ago.
The planned Korea-Cambodia summit was cancelled as the Cambodian Prime Minister Hun Sen had to cancel his visit to Korea at the last minute due to personal circumstances.
