Skip to main content

This website is the official electronic government website of the Republic of Korea.

facebook twitter
Integrated search
KOR

PRESS CENTER

Ministry of Trade, industry and Resources PRESS CENTER Press Releases

Press Releases

Korea and ASEAN Discuss Ways to Deepen Economic and Trade Cooperation

Yeo Han-koo, Minister for Trade at the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) held talks with the ASEAN Committee in Seoul (ACS) at the Korea Chamber of Commerce and Industry (KCCI) on May 18, 2026, to discuss ways to deepen economic and trade cooperation between Korea and ASEAN.


The meeting focused on practical ways to expand trade with ASEAN, Korea’s second-largest trading partner, upgrade the Korea–ASEAN Free Trade Agreement (FTA) and strengthen supply chain cooperation. The talks also reaffirmed the need for closer communication and coordination between the two sides as external uncertainties grow, including instability in the Middle East.
Both sides first discussed ways to expand trade. They noted that ASEAN is one of Korea’s key economic and trade partners and a fast-growing market, and agreed to broaden two-way trade into more diverse sectors.


They also reviewed negotiations to upgrade the Korea–ASEAN FTA. Since taking effect in 2007, the agreement has underpinned growth in two-way trade and investment. Minister Yeo said the FTA should reflect recent shifts in the global trade environment and be modernized with a broader framework, including digital provisions that were not part of the original agreement. He added that Korea will work to deliver substantive outcomes by 2027, which will mark ASEAN’s 60th anniversary, the 20th anniversary of the FTA’s entry into force and the 30th anniversary of Korea–ASEAN summit meetings.


They also exchanged views on risks to global supply chains stemming from recent developments in the Middle East. Recognizing that Korea and ASEAN are linked as both suppliers and markets for each other, not through a one-way trade relationship, they agreed to keep strengthening supply chain cooperation in times of crisis.


The Korean government will continue working with ASEAN, Korea’s key economic cooperation partner, to deliver practical outcomes in trade expansion, the Korea–ASEAN FTA upgrade and supply chain cooperation.