3. The ASEAN-ROK Economic Relations: Challenges and Opportunities

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.