Asean-Korea forum to be held Wednesday at Shilla Seoul

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Asean-Korea forum to be held Wednesday at Shilla Seoul

Published: 18 Apr. 2022, 17:24 Updated: 18 Apr. 2022, 19:24

[ASEAN-KOREA CENTRE]

The ASEAN-Korea Centre is hosting a forum on trade and business investment opportunities in both Korea and Asean member states on Wednesday, two months after the Regional Comprehensive Economic Partnership (RCEP) became effective in Korea.

"ASEAN-Korea Trade and Investment Roundtable 2022," is scheduled to be held at the Shilla Seoul and livestreamed on the center's YouTube channel from 2 p.m. to 4:30 p.m.

"As the world's largest free trade agreement enters into force this year, much is anticipated in the development of the free trade area," the center said in a statement on Monday. "Given the RCEP's goal of eliminating trade barriers, the agreement is expected to have the effect "of stimulating more cross border trade, investment, and flows of people across the Asia Pacific region."

The RCEP, which includes all Asean member states and Korea, Australia, China, Japan and New Zealand — around 30 percent of the world's GDP and population — was formed earlier this year. Korea ratified the agreement on Dec. 3, 2021, and it went into effect in Korea on Feb. 1.

The Asian Development Bank projected that the agreement should lead to the creation of 2.8 million jobs in member nations by 2030.

The forum is intended to provide up-to-date information on the Asean-Korea economic and trade outlook for potential investors, businesses and industry players, as well as members of the general public, to raise awareness and understanding about the trade agreement.

Ana Robeniol, advisor to the secretary-general of Asean and deputy secretary-general for the Asean Economic Community at the Asean Secretariat, will be delivering a keynote address during which she will highlight potential economic cooperation between Asean and Korea going forward.

"Asean and Korea have been partnering for mutual growth and development for more than three decades," she told the center earlier this month. "And as the regional and global economic landscape evolve in a rather dynamic fashion, Asean would continue to rely on its partnership with Korea in driving an emerging regional architecture anchored on the Asean-Korea FTA and RCEP to ensure that the East Asia and Asia Pacific region remains to be a stronger and more resilient engine of growth for the global economy."

Korea and Asean have had a free trade agreement since June 2007.

Oh Soo-hyun, associate research fellow at the Korea Institute for International Economic Policy (KIEP), will be sharing with the audience KIEP's analysis on the implications RCEP may have on businesses in Korea and Asean member states.

A roundtable discussion among trade and business analysts will take place. It will include Denise Cheska C. Enriquez, officer in charge at the Regional Relations and Arrangements Division of the Bureau of International Trade Relations in the Philippines Department of Trade and Industry and Kim Han-sung, associate professor on economics at Ajou University in Gyeonggi.

The forum, hosted by the ASEAN-Korea Centre, was supported by KIEP, the Asean Secretariat and the Korea JoongAng Daily.

BY ESTHER CHUNG [[email protected]]