S. Korea seeks 'comprehensive' cooperation strategies with ASEAN

SEOUL, Dec. 6 (Yonhap) -- South Korea should prepare "comprehensive" economic cooperation strategies with the Association of Southeast Asian Nations (ASEAN) in a bid to better capitalize on the fast-emerging economic bloc, the finance ministry said Tuesday. "With growth outlooks downgrading for advanced countries for this and next year, the global economic status of ASEAN will increase further thanks to its high growth potential, which will help boost demand for economic cooperation," the ministry said in a report. "It is necessary to draw up comprehensive economic cooperation strategies to prepare ourselves for a possible restoration of the 'era of Asia,'" it added. The ASEAN economic bloc has long been regarded as a major resource supplier for many countries but it is now emerging as a "global economic hub" by either actively participating or playing a leading role in economic cooperation, the ministry said. The call for increased cooperation with ASEAN comes after a free trade agreement (FTA) between South Korea and the 10-member economic bloc on merchandise took effect in June 2007. Similar deals on services and investments also came into effect. In order to induce further market opening and boost bilateral trade, the ministry said the government is pushing for FTAs with individual ASEAN countries. The ministry added that the government will craft "tailored" economic cooperation strategies with those countries. In a related move, it has chosen Indonesia and Vietnam as possible partners for comprehensive economic cooperation. Under the plan, the ministry said South Korea will expand its aid to and exchange expertise on economic development with the Southeast Asian countries. Separately, the Seoul government plans to seek cooperation with Vietnam in energy and industry technology fields. It also will widen government-level consultation channels between the two nations, according to the ministry. (END)