The ASEAN and the Republic of Korea (RoK) have called for close cooperation for common prosperity through expanding trade agreements and promoting security and stability in the region.

RoK President Moon Jae-in speaks at the event (Photo: Yonhap)

Leaders of 10 ASEAN member countries and RoK President Moon Jae-in made the commitment in a co-chairs' statement adopted at the end of the ASEAN-RoK Commemorative Summit which took place on November 25-26 in Busan, the RoK, to mark the 30th anniversary of dialogue relations between the two sides. 

The statement, consisting of 43 clauses, outlines detailed plans to implement the joint vision statement adopted by the leaders and assessments on the achievements so far.

Under the statement, the two sides agreed to expand trade in goods and services, and investment toward the goal of raising the trade volume to 200 billion USD by 2020.

They also welcomed the developments in negotiations for the Regional Comprehensive Economic Partnership (RCEP) by 15 participating countries and called for further steps to be taken so that the agreement can be finalized next year.

To better respond to growing transnational crimes, cybersecurity threats and terrorism, the leaders reiterated their commitment to further collaboration in training and capacity building of law enforcement personnel.

The statement also calls for the two sides to enhance partnerships in smart agriculture, energy and future mobility to better respond to the challenges ahead amid the fourth industrial revolution.

The two sides also pledged to encourage new business opportunities for startups, as part of efforts to build an ecosystem that creates jobs and new growth engines.

In the statement, ASEAN expressed appreciation for the RoK's support of ASEAN's perspective on the Indo-Pacific region and the concept of ASEAN centrality in the regional architecture.

The sides also hailed the New Southern Policy, a signature policy initiative of the RoK government centered on deepening ties with ASEAN and India.

To that end, the two sides reaffirmed their commitment to strengthen cooperation for regional security through the various ASEAN-led dialogue mechanisms, such as the ASEAN Plus Three, the ASEAN Regional Forum and the East Asia Summit.

Earlier, the ASEAN leaders and President Moon also signed a joint statement for peace, prosperity and partnership following the first session of the ASEAN-RoK Commemorative Summit. Session I took the theme of "Republic of Korea-ASEAN 30 & 30.”

The statement will serve as a framework of the RoK's future ties with ASEAN, especially with the administration of President Moon Jae-in gearing up for its "New Southern Policy 2.0."