Sunday, 31 May 2009

South Korea calls for enhanced ties with ASEAN

South Korean president calls for common 'economic community' with Southeast Asian bloc

Kelly Olsen, Associated Press Writer
On Sunday May 31, 2009

SEOGWIPO, South Korea (AP) -- South Korean President Lee Myung-bak called Sunday for closer business and cultural ties with Southeast Asia to create a common economic community that is a leader in green growth.

Lee, who invited leaders from the Association of Southeast Asian nations to commemorate 20 years of relations between the Seoul and the bloc, hailed the expansion of their economic ties.

Total trade has grown 11 times over the past two decades to $90.2 billion last year, he said, and is expected to increase to $150 billion by 2015.

"We must strengthen our economic partnership, expand cultural exchange and become partners in our common goal of taking the lead in the new era of green growth," Lee told business executives from his country and ahead of a summit on Monday and Tuesday. "We have the vast potential for future growth."

The two sides have concluded free trade agreements in goods and services and plan to sign an investment accord at the summit.

"We must strive to become one business and economic community where business is done in a free environment," Lee said.

The ASEAN bloc is South Korea's third-largest trading partner and second-largest investment destination. South Korea is the grouping's fifth-largest trading partner.

The summit was being held amid tight security after North Korea carried out its second nuclear test and a series of short-range missile tests over the past week.

The business gathering was also attended by Thai Prime Minister Abhisit Vejjajiva, Cambodian Prime Minister Hun Sen, Lao Prime Minister Bouasone Bouphavanh and Myanmar Prime Minister Thein Sein. Other ASEAN leaders were arriving Sunday.

The summit has been in the works for months, but the tensions with the North have threatened to overshadow it, though Lee did not mention them in his speech.

ASEAN consists of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

Associated Press Writer Kwang-tae Kim in Seoul contributed to this report.

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