Abstract
Official relations between ASEAN and South Korea began in 1989, and since then, the East Asian country has cultivated a close relationship with the regional organization. The economic relationship between the two has been particularly important. For ASEAN countries, South Korea’s experience of rapid economic development since the 1960s and its transformation into a dynamic high-income country serves as a good lesson for its own economic aspirations. On the other hand, ASEAN’s emerging market has continued to become increasingly important for South Korea. This chapter explores, first, the growth and trends in ASEAN-Korea trade relations. Second, it examines South Korea’s ODA history and identifies the top recipient countries in ASEAN. Lastly, it assesses the challenges and prospects for further economic cooperation.
This is a preview of subscription content, log in via an institution.
Buying options
Tax calculation will be finalised at checkout
Purchases are for personal use only
Learn about institutional subscriptionsReferences
Alegado, Siegfrid. 2018. “Japan Still Beating China in Southeast Asia Infrastructure Race.” Bloomberg.com, published February 9. Accessed April 4. https://www.bloomberg.com/news/articles/2018-02-08/japan-still-beating-china-in-southeast-asia-infrastructure-race.
ASEAN. 2014. Joint Statement of the ASEAN-ROK Commemorative Summit on the 25th Anniversary of the ASEAN-ROK Dialogue Relations: Our Future Vision of ASEAN-ROK Strategic Partnership. ASEAN.org, published December 15. Accessed April 6, 2018. http://asean.org/storage/images/pdf/2014_upload/ASEAN-ROK_Joint_Statement-FINAL-15_Des_2014.pdf.
ASEAN. 2015a. Fact Sheet: ASEAN Community. Jakarta: ASEAN Secretariat, December. Accessed March 31, 2018. http://asean.org/storage/2012/05/7.-Fact-Sheet-on-ASEAN-Community.pdf.
ASEAN. 2015b. ASEAN Economic Community Blueprint 2025. Jakarta: ASEAN Secretariat.
ASEAN. 2017a. Overview of ASEAN-Republic of Korea Dialogue Relations. ASEAN.org, published June 15. Accessed March 29, 2018. http://asean.org/storage/2012/05/Overview-ASEAN-ROK-Dialogue-Relations-As-of-15-June-2017.pdf.
ASEAN. 2017b. Overview of ASEAN Plus Three Cooperation. ASEAN.org. Accessed March 30, 2018. http://asean.org/storage/2017/06/Overview-of-APT-Cooperation-Jun-2017.pdf.
ASEAN. 2017c. ASEAN Statistical Yearbook 2016/2017. Jakarta: ASEAN Secretariat.
ASEAN-Korea Centre. 2017. ASEAN Korea in Figures. Seoul: ASEAN-Korea Centre.
ASEAN-Korea Centre. 2018. Key Indicators on ASEAN-Korea Relations. ASEANKorea.org, published March 20. Accessed April 4, 2018. http://www.aseankorea.org/eng/Resources/statistics_view.asp?pageNum=50&page=1&boa_num=12619&boa_gubun=13&pageReturn=statistics&boa_cnt=1424.
ASEAN Secretariat. 2012. SME Developments in ASEAN. ASEAN.org. Accessed April 27, 2018. http://asean.org/asean-economic-community/sectoral-bodies-under-the-purview-of-aem/micro-small-and-medium-enterprises/overview/.
Asia Regional Integration Center (ARIC). 2017. Free Trade Agreements. Aric.adb.org, published June 8. Accessed April 4, 2018. https://aric.adb.org/database/fta.
Chan, Irene, and Mingjiang Li. 2015. “New Chinese Leadership, New Policy in the South China Sea Dispute?” Journal of Chinese Political Science 20: 35–50.
Economic Development Cooperation Fund (ECDF). 2016. Annual Report 2016: Creating a Sustainable Future. Seoul: Korea Economic Development Cooperation Fund.
Fallon, Theresa. 2015. “The New Silk Road: Xi Jinping’s Grand Strategy for Eurasia.” American Foreign Policy Interest 37: 140–147.
ISEAS-Yusof Ishak Institute. 2017. “Survey Report: How Do Southeast Asians View the Trump Administration?” In ASEAN Focus: Issue 2/2017, 12–14. Singapore: ISEAS-Yusof Ishak. Institute.
Kahnert, Friedrich. 1969. Economic Integration Among Developing Countries. Paris: Organisation for Economic Co-operation and Development (OECD).
Kim, Jae Kyoung. 2016. “ASEAN Seeks Korean Role in Economic Integration.” Korea Times, published July 27. Accessed April 26, 2018. http://www.koreatimes.co.kr/www/biz/2018/04/488_210518.html.
Korea International Trade Association. 2018. K-Statistics. Accessed April 25, 2018. http://www.kita.org/kStat/byCountEcon_SpeCountBloc.do.
Korea Tourism Organization (KTO). 2018. “Travelers’ Resources.” Visitkorea.or.kr, last modified February 21. Accessed April 4, 2018. http://english.visitkorea.or.kr/enu/TRV/TV_ENG_3_1.jsp#.
Lee, Choong Lyol. 2017. “ASEAN-Korea Economic Relationship: A Road to More Active Future Cooperation.” In Partnering for Tomorrow: ASEAN-Korea Relations, edited by Jim Kapsalis, Na-young Moon, Min-ji Kim, Chae-kyoun Ha, and Ji-hye Park, 132–156. Seoul: ASEAN-Korea Centre.
Lee, Jong Wha. 2016. The Republic of Korea’s Economic Growth and Catch-Up: Implications for the People’s Republic of China. ADBI Working Paper 571. Tokyo: Asian Development Bank Institute.
Macaranas, Federico. 2017. “ASEAN-Korea Economic Relations Through 2025.” In Partnering for Tomorrow: ASEAN-Korea Relations, edited by Jim Kapsalis, Na-young Moon, Min-ji Kim, Chae-kyoun Ha, and Ji-hye Park, 101–131. Seoul: ASEAN-Korea Centre.
Minh, Le Luong. 2017. “Looking Back to Move Forward.” In ASEAN at 50: A Look at Its External Relations, 9–18. Singapore: Konrad-Adenauer-Stiftung.
Ministry of Foreign Affairs (MOFA) Japan. 2018. Free Trade Agreement (FTA) and Economic Partnership Agreement (EPA), last modified March 23. Accessed April 4, 2018. http://www.mofa.go.jp/policy/economy/fta/index.html.
Oh, Yoon Ah. 2017. “Discussion Paper.” In Partnering for Tomorrow: ASEAN-Korea Relations, edited by Jim Kapsalis, Na-young Moon, Min-ji Kim, Chae-kyoun Ha, and Ji-hye Park, 157–162. Seoul: ASEAN-Korea Centre.
Organisation for Economic Co-operation and Development (OECD). 2010. OECD Economic Survey: Korea 2010. Paris: OECD Publishing.
Organisation for Economic Co-operation and Development (OECD). 2016. OECD Economic Survey: Korea 2016. Paris: OECD Publishing.
Organisation for Economic Co-operation and Development (OECD). 2017a. Development Co-operation Report 2017: Data for Development. Paris: OECD Publishing.
Organisation for Economic Co-operation and Development (OECD). 2017b. “Aid (ODA) Disbursements to Countries and Regions.” QWIDS Query Wizard for International Development Statistics, last modified May 24. Accessed April 2, 2018. https://stats.oecd.org/Index.aspx?datasetcode=TABLE2A.
Roberts, Christopher B. 2012. ASEAN Regionalism: Cooperation, Values and Institutionalization. London and New York: Routledge.
Rodrik, Dani, Gene Grossman, and Victor Norman. 1995. “Getting Interventions Right: How South Korea and Taiwan Grew Rich.” Economic Policy 10 (20): 53–107.
Tang, Siew Mun. 2017. “New Challenges in Search of Solutions.” In ASEAN at 50: A Look at Its External Relations, 31–42. Singapore: Konrad-Adenauer-Stiftung.
The Economist. 2017. “A Geopolitical Row with China Damages South Korea Business Further.” Economist.com, published October 19. Accessed March 30, 2018. https://www.economist.com/news/business/21730477-south-korean-industries-ranging-tourism-carmaking-are-being-badly-affected.
United Nations Development Programme (UNDP). 2016. Human Development Report 2016: Human Development for Everyone. New York: United Nations Development Program.
Whiteside, Darren. 2017. “South Korea’s Moon Unveils New Focus on Southeast Asia.” Reuters, published November 9. Accessed March 30, 2018. https://www.reuters.com/article/us-indonesia-southkorea/south-koreas-moon-unveils-new-focus-on-southeast-asia-idUSKBN1D90OC.
World Bank. 2017a. GDP Per Capita (Current US$). World Bank Databank, last modified July 1. Accessed April 3, 2018. https://data.worldbank.org/indicator/NY.GDP.PCAP.CD?locations=KR.
World Bank. 2017b. GDP Growth (Annual %). World Bank Databank, last modified July 1. Accessed April 3, 2018. https://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG?locations=KR.
World Bank. 2017c. Gross Enrolment Ratio, Tertiary, Both Sexes (%). World Bank Databank, July 1. Accessed April 3, 2018. https://data.worldbank.org/indicator/SE.TER.ENRR?locations=KR.
Author information
Authors and Affiliations
Corresponding author
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2019 The Author(s)
About this chapter
Cite this chapter
Kamaruddin, N., Galas, J.V. (2019). The ASEAN-ROK Economic Relations: Challenges and Opportunities. In: Idris, A., Kamaruddin, N. (eds) ASEAN Post-50. Palgrave Macmillan, Singapore. https://doi.org/10.1007/978-981-13-8043-3_3
Download citation
DOI: https://doi.org/10.1007/978-981-13-8043-3_3
Published:
Publisher Name: Palgrave Macmillan, Singapore
Print ISBN: 978-981-13-8042-6
Online ISBN: 978-981-13-8043-3
eBook Packages: Economics and FinanceEconomics and Finance (R0)