Seoul eyes broader cooperation with more Asean states

Visitors lining up to sample beverages at the third Asean Culinary Festival, organised by the Asean-Korea Centre and held from Nov 28 to Dec 1 in Seoul. Next year will see more opportunities for cooperation, with Asean and South Korea marking 30 year
Visitors lining up to sample beverages at the third Asean Culinary Festival, organised by the Asean-Korea Centre and held from Nov 28 to Dec 1 in Seoul. Next year will see more opportunities for cooperation, with Asean and South Korea marking 30 years of ties as dialogue partners.PHOTO: ASEAN-KOREA CENTRE

South Korea is on track to increase bilateral trade with grouping to $274b by 2020

Asean and South Korea are on track to achieve their goal of US$200 billion (S$274 billion) in bilateral trade by 2020 as Seoul looks to broaden cooperation with the regional bloc beyond Vietnam, where much of its efforts have largely been concentrated.

Trade volume between South Korea and Asean stood at US$132.1 billion (S$181 billion)for the first 10 months of this year, up 7.6 per cent from last year, data from South Korea's Ministry of Trade, Industry and Energy shows. This year's total is likely to surpass US$150 billion.

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A version of this article appeared in the print edition of The Straits Times on December 14, 2018, with the headline 'Seoul eyes broader cooperation with more Asean states'. Print Edition | Subscribe