ASEAN Is South Korea's Second Largest Trading Partner After China

By Siti Radziah Hamzah

KUALA LUMPUR, Sept 24 (Bernama) -- ASEAN has become South Korea's second largest trading partner after China with trade and investment relations deepening, signifying the importance of the grouping to the country in the last few years.

South Korean Trade Minister Yeo Han-Koo said this came about through free trade agreements (FTAs) and bilateral arrangements with member states and via the Regional Comprehensive Economic Partnership (RCEP).

“South Korea is currently discussing the amendment process of its FTAs with dialogue partners and negotiating bilateral trade with some ASEAN member countries,” he said at the 22nd ASEAN-ROK consultation on the third day of the 57th ASEAN Economic Ministers’ meeting.

Meanwhile, Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Aziz said ASEAN and dialogue partner South Korea are exploring initiatives to deepen trade and investment relations.

He said the ASEAN-ROK Comprehensive Strategic Partnership in October 2024 opened a new era in relations with a framework that provided direction in areas like the digital economy, green transition and resilient supply chains.

This ensured that cooperation remains relevant, future-ready, and mutually beneficial, he added. 

He said details of the ASEAN-Korea Free Trade Agreement (AKFTA) upgrade are being finalised and will be announced at the leaders’ summit next month.

For background, the AKFTA has been effective since Jan 1, 2010.

-- BERNAMA