Asean and South Korea call for 'closer and more practical' economic partnership

MANILA (Bernama-PNA): Asean economic ministers and South Korea called for closer and more practical trade cooperation and partnership amid rising geopolitical tensions worldwide, Philippine News Agency (PNA) reported.

The ministers met at the Philippine International Convention Centre in Pasay City on Sunday for the 23rd Asean Economic Ministers-Republic of Korea (ROK) Consultation, co-chaired by Trade Secretary Ma. Cristina Roque and South Korean Minister for Trade Park Jung-sung.

In a joint statement issued after the meeting, the ministers said they exchanged views on regional and global economic developments, including the West Asia crisis, noting that rising geopolitical tensions, unilateral trade actions and regional conflicts collectively threaten the rules-based international order.

These developments, the ministers said, have imposed significant cost burdens on businesses, added to inflationary pressures and created an increasingly unpredictable operating environment, particularly for micro, small and medium-sized enterprises.