The Republic of Korea and the Association of Southeast Asian Nations (ASEAN) have reaffirmed a shared commitment to deepen regional economic ties, setting an ambitious target to reach $300 billion in annual bilateral trade by 2030.
The bold vision falls under the enhanced ASEAN–Korea Comprehensive Strategic Partnership (CSP).
The long-term goal, formally adopted as part of Korea’s 2025–2030 economic engagement strategy, was a key highlight of the ASEAN–Korea Forum held in Manila.
Government officials, senior diplomats, policy experts and business leaders outlined a forward-looking cooperation framework anchored on digital transformation, innovation, improved market integration and supply-chain resilience.
A senior Korean official speaking at the forum cited the importance of the partnership.
“ASEAN is our indispensable economic partner. Korea’s prosperity is increasingly linked to the growth of Southeast Asia, and our collaboration will continue to expand through deeper innovation, digital cooperation and open trade,” the official said.
Forum discussions stressed four strategic pillars necessary to achieve the $300-billion trade milestone. These include upgrading the ASEAN–Korea Free Trade Area (AKFTA) by modernizing existing agreements, expanding market access across services, goods and investments and reducing trade barriers.
They also involve deepening digital economy cooperation through joint work on cybersecurity, AI governance, cross-border data infrastructure and interoperable digital trade systems and strengthening supply-chain resilience by focusing on critical sectors like advanced manufacturing, green technologies, EV batteries, semiconductors and agri-food value chains.
The fourth pillar is expanding investments and innovation ecosystems to position ASEAN startups and industries to leverage Korea as a global springboard, while supporting increased Korean investments across the region.
Korean officials noted that ASEAN remains one of the most dynamic and rapidly-growing trade partners, contributing substantially to Seoul’s industrial networks and Indo-Pacific economic footprint.
ASEAN representatives welcomed Korea’s regional strategy, noting that the bloc’s expanding industrial capabilities, growing consumer markets and skilled workforce present strong potential for scaling high-value trade and investment flows.
The Manila forum, organized by Stratbase, is part of ongoing efforts to reinforce ASEAN–Korea cooperation ahead of upcoming high-level dialogues and regional economic summits.
Vietnam accounts for about 40 percent of Korea’s total trade with ASEAN, making it Korea’s largest economic partner in the region. The Philippines contributes around 8 percent to Korea–ASEAN trade, with active exchanges in semiconductor-related goods, machinery and industrial spare parts and agriculture.
Korea and the Philippines maintain steadily expanding trade relations, particularly in industrial machinery parts, manufacturing inputs, agri-food products and semiconductor components. The remaining ASEAN member-states make up the balance of Korea’s regional trade volume.
