The Association of Southeast Asian Nations (ASEAN) and the Republic of Korea (South Korea) have reaffirmed their commitment to deepen regional economic ties by setting a target of $300 billion in annual bilateral trade by 2030.

The long-term goal, which falls under the enhanced ASEAN–Korea Comprehensive Strategic Partnership (CSP), was formally adopted as part of Korea’s 2025–2030 economic engagement strategy during the recent ASEAN-Korea Forum held in Manila.

“ASEAN is our indispensable economic partner. Korea’s prosperity is increasingly linked to the growth of Southeast Asia, and our collaboration will continue to expand through deeper innovation, digital cooperation and open trade,” Korean Ambassador to the Philippines Lee Sang-hwa said.

Government officials, senior diplomats, policy experts and business leaders who attended the forum agreed on a cooperation framework anchored on digital transformation and innovation, as well as improved market integration and supply-chain resilience.

To achieve this, they discussed four strategic pillars—namely, upgrading the ASEAN–Korea Free Trade Area (AKFTA) by modernizing existing agreements and expanding market access across services, goods and investments and reducing trade barriers.

The forum also underscored the need to deepen digital economy cooperation through joint work on cybersecurity, AI governance, cross-border data infrastructure, and interoperable digital trade systems and expand investments and innovation ecosystems.

During the forum, Korean officials acknowledged ASEAN as “one of the most dynamic and rapidly-growing trade partners” that “substantially” contributes to Seoul’s industrial networks and Indo-Pacific economic footprint.

On the other hand, ASEAN representatives welcomed Korea’s regional strategy, taking note of South Korea’s expanding industrial sector, growing consumer market, skilled workforce, and potential for high-value trade and investments.

The Manila forum, organized by Geopolitics Insight, in partnership with the Korea University ASEAN Center, Stratbase Institute, and the UP Korea Research Center, is part of ongoing efforts to reinforce ASEAN–Korea cooperation ahead of upcoming high-level dialogues and regional economic summits.

Among ASEAN member-states, Vietnam accounts for about 40 percent of Korea’s total trade with ASEAN, while the Philippines contributes around eight percent to the ASEAN-Korea trade.

“Korea and the Philippines maintain steadily expanding trade relations, particularly in industrial machinery parts, manufacturing inputs, agri-food products and semiconductor components,” the statement from Stratbase said.