PHNOM PENH: Prime Minister Hun Sen has attended the 22nd ASEAN-Korea Summit. Tuesday’s virtual summit between ASEAN and the Republic of Korea adopted the 23rd ASEAN-ROK declaration on promoting cooperation, as well as the strategic partnership for peaceful prosperity 2021-2025.
On Tuesday, Cambodia and Korea signed a bilateral free trade agreement aiming to draw in new investment and businesses from the East Asian country and to boost exports. As the Republic of Korea expressed continued support in the region, ASEAN countries have thanked Korea for its help with providing vaccines.
The ASEAN and South Korean heads of government also welcomed the establishment of a new ministerial-level mechanism to promote cooperation in the field of disaster management between the two countries. The Korean government has highlighted its continued support ASEAN's core role and unanimity in the regional mechanism.
As of 2020, Korea remains the fourth largest trading partner in ASEAN and the fifth largest source of investment in the bloc. With this, the two parties are working to boost the economy in the trade sector, and to promote the implementation of the regional strategic partnership agreement. It also promotes further free market cooperation between ASEAN and Korea.
