(3rd LD) S. Korea, ASEAN elevate relations to highest level

South Korea and the Association of Southeast Asian Nations (ASEAN) on Thursday elevated their relations to the highest level and underscored the importance of promoting peace and stability in the South China Sea. President Yoon Suk Yeol and ASEAN leaders adopted a joint declaration on the establishment of a "comprehensive strategic partnership," diplomatic parlance that refers to the highest level of relations that ASEAN can forge with a dialogue partner, during their summit in Vientiane, Laos. It is the first upgrading of relations between the two sides in 14 years after they forged a lower-level "strategic partnership" in 2010. South Korea is ASEAN's sixth dialogue partner to have the highest-level of ties after the United States, China, Japan, Australia and India. "Today, South Korea and ASEAN established the comprehensive strategic partnership to further enhance cooperation," Yoon said. "As partners for shared prosperity, we will push for comprehensive cooperation covering a wide range of areas." Pres ident Yoon Suk Yeol speaks during a summit between South Korea and the Association of Southeast Asian Nations at the National Convention Center in Vientiane, Laos, on Oct. 10, 2024. (Yonhap) President Yoon Suk Yeol speaks during a summit between South Korea and the Association of Southeast Asian Nations at the National Convention Center in Vientiane, Laos, on Oct. 10, 2024. (Yonhap) During the summit, Yoon and ASEAN leaders addressed regional security concerns in light of North Korea's threats and China's growing assertiveness in the South China Sea. They affirmed "the importance of maintaining and promoting peace, stability, security, safety and freedom of navigation in and overflight above the South China Sea, in accordance with international law," the joint declaration said. ASEAN leaders expressed support for Yoon's unification doctrine that pursues "a denuclearized, peaceful and prosperous Korean Peninsula," and efforts to resume dialogue with North Korea, it noted. During the summit, South Korea pl edged to double its cooperation funds with the Association of Southeast Asian Nations (ASEAN) to US$48 million by 2027 to support key projects in the region. President Yoon Suk Yeol (6th from L) and leaders of the Association of Southeast Asian Nations pose for a photo during their summit at the National Convention Center in Vientiane, Laos, on Oct. 10, 2024. (Yonhap) President Yoon Suk Yeol (6th from L) and leaders of the Association of Southeast Asian Nations pose for a photo during their summit at the National Convention Center in Vientiane, Laos, on Oct. 10, 2024. (Yonhap) Both sides agreed to establish a Korea-ASEAN defense ministers' meeting and expand cooperation in maritime security and the defense industry by transferring South Korea's retired naval vessels to ASEAN member states. They also committed to advancing collaboration in key areas, including trade and investment, digital technology, cybersecurity, clean energy and supply chains, and advanced technologies like electric vehicles (EVs), art ificial intelligence and batteries. As part of their initiatives, South Korea and ASEAN will launch a digital innovation flagship project later this year, with $30 million worth of investments planned through 2028. In the clean energy sector, the two sides will join hands to reduce carbon and methane emissions under the $19 million ASEAN-Korea Cooperation on Methane Mitigation project over the next three years. South Korea and ASEAN also agreed to upgrade their free trade agreement signed in 2007 to better reflect the changing business environment. ASEAN is South Korea's second-largest trading partner and investment destination, with bilateral trades reaching $187.2 billion last year. Founded in 1967, ASEAN groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. (From L to R) President Yoon Suk Yeol, Japanese Prime Minister Shigeru Ishiba, Lao Prime Minister Sonexay Siphandone and Chinese Premier Li Qiang hold each other's hand during the ASEAN Plus Three Summit held at the National Convention Center in Vientiane, Laos, on Oct. 10, 2024. (Yonhap) (From L to R) President Yoon Suk Yeol, Japanese Prime Minister Shigeru Ishiba, Lao Prime Minister Sonexay Siphandone and Chinese Premier Li Qiang hold each other's hand during the ASEAN Plus Three Summit held at the National Convention Center in Vientiane, Laos, on Oct. 10, 2024. (Yonhap) On Thursday, Yoon, Japanese Prime Minister Shigeru Ishiba and Chinese Premier Li Qiang joined the ASEAN Plus Three Summit to discuss ways to deepen ties with the regional bloc. It marks the first trilateral meeting of South Korea, Japan and China since the leaders of the nations met in Seoul in May, the first such gathering in 4 1/2 years. Yoon emphasized that South Korea's establishment of a comprehensive strategic partnership with ASEAN would further solidify cooperation among the three nations and the regional bloc. "The trilateral partnership between South Korea, Japan and China has reached the highest level of partner ship with ASEAN, which presents an opportunity to enhance the cooperation among the three countries in a virtuous cycle with ASEAN Plus Three," Yoon said. Key areas of cooperation discussed included a multilateral currency swap and emergency rice reserves to create regional safety nets in preparation for potential financial and food crises. The leaders also agreed to accelerate collaboration with ASEAN countries on EVs, focusing on infrastructure development and research to position the region as an EV production hub. Source: Yonhap News Agency