1. Economic Ministers from the ten ASEAN Member States and the Minister of Trade, Industry and Energy of the Republic of Korea met on 23 August 2015 in Kuala Lumpur, Malaysia for the Twelfth AEM-ROK Consultations. The Consultations were co-chaired by H.E. Dato’ Sri Mustapa Mohammed, Minister of Trade of Malaysia and H.E. Yoon Sang-jick, Minister of Trade, Industry and Energy of Republic of Korea.

2. The Ministers noted the performance of ASEAN-Korea bilateral trade and investment. According to ASEAN statistics, trade between ASEAN and Korea reached USD 131.5 billion in 2014, accounting for 5.2 per cent of ASEAN’s total trade. Korea is ASEAN’s fifth largest trading partner, a position that it has maintained since 2010. Foreign direct investment (FDI) from Korea to ASEAN amounted to USD 4.5 billion in 2014. This accounted for 3.3 per cent of all FDI into ASEAN, placing Korea as ASEAN’s sixth largest source of FDI.

3. The Ministers reaffirmed the Leaders’ commitment made at the 2nd ASEAN-Korea Commemorative Summit, which was held in December 2014 in Busan, Korea to commemorate the 25th Anniversary of ASEAN-Korea Dialogue Relations, to strengthen efforts to boost economic cooperation between ASEAN and Korea, and to improve market access for goods and services. The Ministers welcomed the Leaders’ resolve to increase ASEAN-Korea trade to USD 200 billion in 2020, by maximising the utilisation of the ASEAN-Korea Free Trade Agreement (AKFTA), noting the complementarity of ASEAN and Korea’s economies.

Download the full Joint Statement here.