October 9, 2024
PHNOM PENH – The Republic of Korea (South Korea or ROK) has grown into a dependable ally of ASEAN. Embracing the goals of peace and prosperity, while strengthening their bond over time, has led to advancements in development and cultural connections, as well as bolstered regional safety measures.
The ROK is highly valued as a partner for ASEAN due to their economic partnership ties. The ROK-ASEAN Free Trade Agreement (FTA) has played a major role in boosting trade and investment between the two sides since its implementation in 2007. In 2023, trade between the ROK and the ASEAN nations has soared to record levels, making the ROK a key trade ally for ASEAN. The deal has allowed countries in ASEAN to tap into ROK markets while South Korea has gained from entering a vast and lively ASEAN market comprising more than 680 million people.
The economic relationship between the ROK and ASEAN goes beyond trade; it also involves investments from the ROK in ASEAN nations. Throughout Southeast Asia, Korean businesses have established factories, joint ventures and regional offices to generate employment opportunities and facilitate the exchange of technology. Notable instances include Hyundai’s production facilities in Indonesia and Vietnam and Samsung’s electronic manufacturing plants in the region. These investments have boosted ASEAN’s capacity while granting Korean firms access to fresh markets and avenues for growth.
The close bonds between the two sides are further bolstered by the interactions and strong connections among individuals from both regions. Korean music and entertainment have gained a following in Southeast Asia over the years; simultaneously, ASEAN cultural events in Korea have provided South Koreans with a glimpse into the diverse customs and history of ASEAN countries.
The bonds between cultures have been strengthened through a large number of programmes and tourism initiatives over the years in South Korea and ASEAN countries. Many students from ASEAN nations choose to pursue their studies at universities in South Korea to take advantage of the country’s excellent education system and research prospects. Alongside this trend, various scholarship opportunities like the Global Korea Scholarship (GKS) have made it possible for numerous young individuals from ASEAN to further their education in Korea. Tourism has thrived between the two regions as millions of South Koreans travel to spots such as Thailand and the Philippines while visitors from ASEAN countries explore the cities and cultural attractions of South Korea.
Strategic Collaboration for Maintaining Stability in the Region
In addition to the cultural connections between the ROK and ASEAN countries, there is a shared dedication to promoting peace and stability in the region. Positioned as a power in East Asia, the ROK has played a role in supporting ASEAN endeavours to uphold peace and stability within the area; notably through initiatives like the ASEAN Regional Forum (ARF) and the East Asia Summit (EAS). South Korea has consistently championed the significance of ASEAN centrality acknowledging the role that ASEAN plays in discussions and conflict resolution.
The ROK’s collaboration with ASEAN in tackling traditional security concerns has been quite remarkable. The two parties have worked together on matters like combating terrorism, protecting against cyber threats, responding to disasters and promoting public health. During the Covid-19 crisis, its assistance to ASEAN in strengthening healthcare systems and providing medical aid and knowledge highlighted the importance of unity and cooperation during challenging times.
The diverse partnership has produced excellent results for both parties. In terms of the economy, South Korean investments have played a role in enhancing and broadening ASEAN industry, opening up fresh avenues for job opportunities and economic progress. The creation of the South Korea ASEAN Industrial Innovation Center has additionally boosted cooperation in cutting edge sectors like intelligence renewable energy and digital technology.
Although the ROK and ASEAN’s collaboration has seen strong progress so far, there are areas where they can strengthen their cooperation even further.
Firstly; both parties should focus on improving integration by enhancing the ROK and ASEAN Free Trade Agreement. This may involve lowering tariff barriers, simplifying customs processes, or broadening market opportunities for small and medium enterprises (SMEs), in both regions. These steps would guarantee that businesses of scale can take advantage of the alliance.
There is also a need both sides to focus on working in the realm of sustainable development and green technologies. The issue of climate change poses a challenge for both regions; by exchanging knowledge on renewable energy resources and initiatives related to smart cities and environmental preservation efforts they could take substantial steps towards reaching their climate objectives. Initiatives that involve cooperation like research endeavours and programs aimed at enhancing capabilities in these areas would not only have a positive impact on the environment but also pave the way for fresh economic prospects.
Maintaining people-to-people connections should remain a central element of the ROK and ASEAN partnership. Encouraging swaps, gatherings and youth initiatives will aid in preserving the close relationships between the younger generations of the ROK and ASEAN. Both sides must maintain their partnership in addressing security and stability concerns, as the Indo-Pacific region encounters various evolving challenges such as conflicts in the South China Sea and the Korean Peninsula.
All in all, South Korea has shown itself as an ally to ASEAN through a partnership that has fostered development and cultural interaction while promoting stability in the region. ASEAN countries, especially Cambodia should pay more attention to South Korea. The Kingdom should take more time to understand the thoughts and requirements of ROK businesspeople, as even though the ROK is very important for ASEAN, only Vietnam and Indonesia take more benefits from it.