Myanmar's Ambassador Attends ASEAN-Korea Trade Roundtable in Seoul

On May 8, Myanmar's Ambassador to the Republic of Korea, U Thant Sin, attended the ASEAN-Korea Trade and Investment Roundtable 2024 at the Four Seasons Hotel in Seoul. As the alternate chair of the ASEAN Committee in Seoul, Ambassador Sin represented Myanmar at the meeting, which focused on strengthening economic ties between ASEAN and South Korea.

Why this matters: The strengthening of economic ties between ASEAN and South Korea has significant implications for regional trade and investment, with potential benefits for millions of people. As ASEAN and South Korea celebrate 35 years of dialogue partnership, the success of this roundtable could pave the way for increased cooperation and economic growth in the region.

During the discussion, Ambassador Sin reflected on the 35 years of dialogue partnership between ASEAN and the Republic of Korea (ROK), emphasizing the significance of economic relationships in strengthening bilateral friendship. He highlighted the importance of implementing policies that benefit both parties, noting that "ASEAN is ROK's second largest trade partner" and "ROK is ASEAN's fifth largest trade partner and sixth biggest investor," according to 2022 figures.

The ASEAN-Korea partnership has a long history, with sectoral dialogue relations initiated in November 1989. The ROK was accorded full Dialogue Partner status by ASEAN at the 24th ASEAN Ministerial Meeting in July 1991 in Kuala Lumpur, and the partnership was elevated to a summit level in 1997. Over the years, several key agreements have been signed, including the ASEAN-ROK Joint Declaration on Comprehensive Cooperation Partnership Agreement in 2004, the Framework Agreement on Comprehensive Economic Cooperation in 2005, and the ASEAN-Korea Free Trade Agreement (AKFTA) which came into effect in 2010.

The ASEAN-Korea Trade and Investment Roundtable 2024, convened by the ASEAN-Korea Centre in collaboration with the Korea Institute for International Economic Policy, aims to further strengthen and deepen economic integration between ASEAN and ROK. The roundtable also seeks to build capacity through the sharing of available resources and expertise, while facilitating a greater flow of ROK investments into ASEAN.

As ASEAN and the Republic of Korea celebrate 35 years of dialogue partnership, the ASEAN-Korea Trade and Investment Roundtable 2024 serves as a platform to discuss and promote economic cooperation between the two parties. With Myanmar's Ambassador U Thant Sin representing his country at the roundtable, the event underscores the importance of strengthening trade and investment ties to foster mutual growth and prosperity in the region.

Key Takeaways

• Myanmar's Ambassador U Thant Sin attended ASEAN-Korea Trade and Investment Roundtable 2024 in Seoul.
• The roundtable aims to strengthen economic ties between ASEAN and South Korea.
• ASEAN is South Korea's 2nd largest trade partner, and South Korea is ASEAN's 5th largest trade partner.
• The ASEAN-Korea partnership has a 35-year history, with multiple agreements signed since 1989.
• The roundtable seeks to promote economic cooperation and increase investments between ASEAN and South Korea.