1. Economic Ministers from the ten ASEAN Member States and the Republic of Korea (“the Ministers”) met on 30 August 2018 in Singapore, for the Fifteenth AEMROK Consultations. The Consultations were co-chaired by H.E. Chan Chun Sing, Minister for Trade and Industry, Singapore, and H.E. Kim Hyun-chong, Minister for Trade, Republic of Korea.
2. The Ministers noted the strong surge in bilateral trade flows between ASEAN and Korea in 2017, with total merchandise trade increasing by 22.6 per cent, to reach USD 152.5 billion in 2017. Trade with Korea accounted for 6 per cent of ASEAN’s total merchandise trade, placing Korea as ASEAN’s fifth largest trading partner. The Ministers also noted that Korea was ASEAN’s fifth largest external source of Foreign Direct Investment (FDI) in 2017. FDI flows from Korea to ASEAN amounted to USD 5.3 billion, accounting for 3.9 per cent of total FDI flows to ASEAN.
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