Overview

Marking the 20th anniversary of the establishment of a dialogue partnership between the Republic of Korea and ASEAN, the Korean government will host the ASEAN-Republic of Korea Commemorative Summit on June 1-2 at the International Convention Center (ICC) on Jeju Island.

On the sidelines of the summit, a CEO Summit will be held from May 31 to June 1 under the theme of “Change, Challenge, and Collaboration for Asia’s Prosperity.” It is aimed at vitalizing exchanges among business leaders from Korea and ASEAN. In addition, the inaugural performance by the ASEAN-Korea Traditional Music Orchestra will be held in celebration of the summit.

Schedule

President Lee Myung-bak will attend the CEO Summit on May 31 and deliver a keynote speech to outline the direction for Korea-ASEAN cooperation for common prosperity. The President will also watch the inaugural performance by the ASEAN-Korea Traditional Music Orchestra in the evening of the same day. The performance will be a symbolic expression of harmonious, cooperative ties between Korea and ASEAN.

President Lee will meet with the leaders from the 10 ASEAN member states and the Secretary-General of ASEAN at the summit. He will preside over the summit sessions in the afternoon of June 1 and in the morning of June 2. The Korean President is also scheduled to host the welcoming dinner on June 1 and the leaders’ luncheon on the following day. After the summit, a signing ceremony of the joint statement and a joint media conference will be held.

President Lee will hold separate summits in Seoul with four ASEAN leaders who will make official visits to Korea on the occasion of the commemorative summit. They are President Gloria Macapagal-Arroyo of the Philippines and Prime Ministers Lee Hsien Loong of Singapore, Hun Sen of Cambodia and Nguyen Tan Dung of Vietnam.

From May 31 to June 2, the Korean President will also hold one-on-one meetings with the other six ASEAN leaders and the Secretary-General on Jeju Island.

Agenda and Documents To Be Signed

In the first session of the summit, President Lee and the other participating leaders will affirm their commitment to the promotion of trade between Korea and ASEAN and give a high evaluation to the signing of the ASEAN-ROK FTA Agreement in Investment. In the meantime, the participating leaders are scheduled to engage in discussions on how to boost cultural interaction and people-to-people exchanges between Korea and ASEAN. On top of this, they will reaffirm that ASEAN member nations remain devoted to working together to further foster peace and stability in East Asia by addressing various issues, including the North Korean nuclear problems.

In the second session, President Lee and ASEAN leaders will underscore the need for increased regional cooperation aimed at riding out the current global financial crisis. They will also exchange ideas on how to promote collaboration in tackling other global issues, including food and energy security and climate change.

All the leaders will hold a signing ceremony on June 2 right after wrapping up the second session. During the ceremony, they will sign a joint statement that sums up what was discussed at the plenary sessions of the summit. At the same venue, economic ministers of Korea and ASEAN will sign the ASEAN-ROK FTA Agreement in Investment.

Significance of the Summit

ASEAN is Korea’s third largest trading partner while it constitutes the second largest overseas investment destination. Given this fact, the special summit has immense significance in further strengthening bilateral economic ties. The summit will serve as an opportunity for Korea and ASEAN to bolster substantial collaboration on overall economic fronts, including trade, investment, construction and labor. On top of this, the gathering is also expected to provide a forum to help cement the groundwork for mutually beneficial collaboration by sharing Korea’s development experiences and expanding development cooperation.

Of particular importance will be the signing of the ASEAN-ROK FTA Agreement in Investment, which represents the final phase of a series of agreements between the two sides and which will finalize the ASEAN-ROK FTA. With the trade agreements in full force, the two now have a solid institutional framework in which they can pursue economic cooperation as mature partners.

Furthermore, the two sides are scheduled to deal with other international issues going beyond trade and investment. While exchanging views on ways to seek sustainable growth, the participating leaders are expected to reach a firm consensus on forming a solid partnership to effectively deal with climate change, the international financial crisis and other pressing global issues.

At the summit, Korea hopes to share with ASEAN members its visions and strategies for low-carbon, green growth with a view to advancing collaboration in the field. The summit will be a milestone in expanding cooperation in diverse areas, including culture, education, sports and tourism. As a result, cooperation will be carried out on a multilevel basis and in a comprehensive manner. For Korea, the summit is a good opportunity to create a new, viable model of international cooperation, rendering momentum to the New Asia Initiative of the Lee Myung-bak Administration.