THE TWENTY-SECOND AEM-ROK CONSULTATION
24 September 2025, Kuala Lumpur, Malaysia
JOINT MEDIA STATEMENT
1. The Twenty-Second ASEAN Economic Ministers – Republic of Korea (AEMROK) Consultation was held on 24 September 2025 in Kuala Lumpur, Malaysia. The Consultation was co-chaired by H.E. Tengku Datuk Seri Utama Zafrul Aziz, Minister of Investment, Trade and Industry of Malaysia, and H.E. Han-Koo Yeo, Minister for Trade of the Republic of Korea. The Meeting also welcomed H.E. Filipus Nino Pereira, Minister of Commerce and Industry, Democratic Republic of Timor-Leste to the Meeting as an observer.
2. The Meeting noted that based on ASEAN’s preliminary statistics, two-way merchandise trade between ASEAN and the ROK stood at 208.2 billion in 2024, whilst foreign direct investment (FDI) inflow from the ROK to ASEAN was recorded at USD 7.6 billion in the same year. These figures placed the ROK as ASEAN’s fifth largest trading partner and seventh largest source of foreign direct investment last year.
3. The Meeting exchanged views on regional and global economic challenges including the current global trade tensions which have caused uncertainty, impacted supply chain resiliency, and brought significant challenges to businesses, especially micro, small, and medium enterprises (MSMEs), as well as to global trade dynamics. Amidst this backdrop, the Meeting reaffirmed its commitment to upholding a predictable, transparent, free, fair, inclusive, sustainable, and rules-based multilateral trading system with the World Trade Organization (WTO) at its core. The Meeting underscored the importance of fostering closer economic cooperation between ASEAN and the ROK to mitigate the impacts and to refrain from imposing unilateral measures that could heighten uncertainties and exacerbate global economic challenges.
4. The Meeting welcomed the finalisation of the Joint Study on Digital Trade and the Joint Study on Cooperation on New Trade Agendas, which were supported by the ASEAN–Korea Free Trade Area (AKFTA) Economic Cooperation (AKEC) Fund. The Meeting noted that the studies complemented the outcomes of the Joint Review Study, offering concrete recommendations for the substantive review of the AKFTA.
5. The Meeting welcomed the progress of the Joint Scoping Paper for the AKFTA Upgrade, which sets out a common understanding on the possible scope and coverage of the upgrade to ensure that AKFTA is commercially meaningful and relevant to businesses, trade facilitative, modern, forward-looking, and responsive to regional and global developments. The Meeting tasked the AKFTA Implementing Committee to finalise the Joint Scoping Paper expeditiously, with a view to achieving a comprehensive and mutually beneficial outcome for both ASEAN and the ROK.
6. The Meeting noted the progress of ongoing activities under the Technology Advice and Solutions from Korea (TASK) programme, supported by Korea, which provides targeted capacity building for ASEAN companies to enhance their technological capabilities. The Meeting also welcomed the launch of the ASEAN– Korea Standards Cooperation Network (AKSCN) in November 2024, which is expected to facilitate greater cooperation in standards and technical regulations between both sides. In addition, the Meeting welcomed the capacity building programme for ASEAN officials in the field of new and renewable energy aimed at promoting safe and reliable operation of new and renewable energy facilities across the region.
7. The Meeting welcomed the ASEAN-ROK Think Tank Dialogue on Economic and Trade Policy Conference held on 14 May 2025 in Jeju, Republic of Korea. The Meeting recognised it is a valuable platform for collaboration among ASEAN and ROK think tanks to contribute to evidence-based policy development in emerging areas of common interest.
8. The Meeting acknowledged the critical role that the WTO has played in fostering global economic growth and underscored the importance of working together to advance WTO reform to ensure its continued relevance and effectiveness in addressing current and emerging global trade challenges. In this regard, the Meeting expressed its readiness to collaborate constructively in support of a reformed and revitalised WTO that better serves the interests of all Members, including developing and least developed countries. The Meeting also expressed its determination to work closely together in the lead up to the 14th WTO Ministerial Conference (MC14), to be held in Cameroon in March 2026.
9. The Meeting noted Timor-Leste's continued commitment to the Roadmap for Timor-Leste’s Full Membership in ASEAN and looked forward to the full and effective fulfilment of all the criteria outlined in the Roadmap. The Meeting reaffirmed its support for Timor-Leste’s integration efforts into ASEAN and expressed readiness to provide continued capacity building and technical assistance to facilitate its effective inclusion into the regional economy.
