Cheong Wa Dae: "World's Largest Trade Signing Ceremony"... President Moon to Attend ASEAN Virtual Meeting on 12th (Comprehensive)

World's Largest Mega Free Trade Agreement Signing Ceremony Scheduled... 15 Countries Including ASEAN, Korea, China, and Japan to Participate

[Asia Economy reporters Ryu Jeong-min and Son Seon-hee] President Moon Jae-in will attend five ASEAN (Association of Southeast Asian Nations)-related meetings held via video conference from the 12th to the 15th. These meetings are being held virtually instead of in-person due to the novel coronavirus disease (COVID-19) situation.

The five summits President Moon will attend are the Korea-ASEAN Summit, the 2nd Korea-Mekong Summit, the ASEAN+3 Summit, the East Asia Summit, and the Regional Comprehensive Economic Partnership (RCEP) Summit.

Kang Min-seok, the Blue House spokesperson, said at a briefing at the Press Center on the 10th, "Especially at the RCEP Summit on the 15th, a signing ceremony for RCEP, the world's largest mega free trade agreement (FTA), is scheduled to take place," adding, "RCEP is a free trade agreement involving 15 countries, including the 10 ASEAN member states, South Korea, China, Japan, Australia, and New Zealand."

[Image source=Yonhap News]

This agreement covers one-third of the world's population and is the largest of its kind; the negotiations have been concluded, and the signing ceremony will be held this time.

Spokesperson Kang said, "Once the world's largest free trade agreement is implemented, it is expected to open new opportunities for our citizens and companies through trade and investment activation and diversification of export markets."

At the RCEP Summit, President Moon is expected to emphasize the importance of free trade and stress expanding cooperation across all fields, including society and culture, based on economic cooperation. Additionally, at the four ASEAN-related summits, President Moon plans to express his commitment to actively participate in international solidarity for overcoming the COVID-19 crisis through health and quarantine cooperation and the prompt recovery of the regional economy.

At the Korea-ASEAN Summit held on the afternoon of the 12th, President Moon will announce the New Southern Policy Plus strategy. Spokesperson Kang explained, "Three years ago, at the ASEAN Summit, the vision of a people-centered community of peace and prosperity and the New Southern Policy were announced, and since then, the policy has been consistently pursued," adding, "Reflecting the changed policy environment due to COVID-19 and new cooperation demands from ASEAN, seven strategic directions will be presented, including comprehensive healthcare cooperation, education and human resource development, and the creation of a mutually beneficial and sustainable trade and investment environment."

Furthermore, at the 2nd Korea-Mekong Summit held on the morning of the 13th, President Moon will discuss ways to strengthen cooperation with the Mekong region, which is gaining attention as a new growth engine for the global economy. On the afternoon of the 14th, at the ASEAN+3 Summit, President Moon plans to review the outcomes of the ASEAN+3 Special Video Summit held in April and emphasize the need for joint efforts to overcome the COVID-19 crisis.

Spokesperson Kang said, "On the evening of the 14th, at the East Asia Summit, President Moon will explain our government's diplomatic efforts for the complete denuclearization of the Korean Peninsula and the substantial progress toward establishing lasting peace, and will ask for the unwavering support of the international community for these efforts."

Spokesperson Kang added, "President Moon will also express Korea's commitment to contributing to regional peace and stability and share positions on various issues of interest. This year marks the 10th anniversary of the establishment of the strategic partnership between Korea and ASEAN."

Spokesperson Kang said, "These ASEAN-related summits are meaningful as they are held to maintain the momentum of cooperation between ASEAN and partner countries despite the COVID-19 crisis," adding, "Since his inauguration, President Moon has visited all 10 ASEAN countries, and last year, he held the Korea-ASEAN Special Summit and the 1st Korea-Mekong Summit, steadily strengthening cooperation with ASEAN."

Meanwhile, a senior Blue House official, when asked whether India would participate in the signing ceremony, said, "Excluding India, the 15 countries represent one-third of the world's population, and the world's largest mega FTA market will be opened."

This content was produced with the assistance of AI translation services.