Your Excellency,

On behalf of my ASEAN colleagues, I wish to welcome you and members of your delegation to this meeting today. Our 6+1 session has become an important forum to discuss, at the ministerial level, ASEAN-ROK dialogue relations. Given the increasing interaction amongst countries in the East Asian region, particularly in the areas of trade and investment, ASEAN-ROK relations, assumes greater significance. It is incumbent upon us to regularly consult each other to help ensure that the dynamism of growth in our region is sustained.

In the context of ASEAN-ROK dialogue, I take special pride as Malaysia's Foreign Minister, in that, not only was ROK elevated as a full Dialogue Partner of ASEAN during the Kuala Lumpur AMM/PMC in 1991 but also that Malaysia was given the responsibility of being the first country coordinator for ASEAN-ROK dialogue, It gave the opportunity for Malaysia to chart the course of ASEAN-ROK relations. Happily, with the support and endorsement of th e ASEAN member countries, within the short period of 3 years, we have brought ASEAN-ROK cooperation to a level both sides can be proud of Of course what we have attained today is due as much to ROK's commitment to the dialogue process. ROK's approach - an open mind and a willingness to consider the multitude of proposals from ASEAN is reflected in the wide range of projects that have already been completed under the ASEAN-ROK Special Cooperation Fund (SCF). Indeed, the ROK has been equally active in submitting project proposals that are mutually beneficial to both sides.

However, while there have been many proposals from the government sector that have either been completed or pending implementation, there have not been sufficient numbers submitted by the private sector. There is therefore a need for ASEAN and the ROK to encourage the private sector to submit project proposals for funding under the SCF. Nevertheless, I note that several projects that are awaiting implementation have direct relevance to enhancing greater private sector participation in ASEAN-ROK cooperation. These projects include surveys on the investment demands of the ASEAN countries covering the electronics, textile and chemicals, and the automotive industries. Also to be implemented soon is the Research on Emerging Issues in Korea's Trade and Investment Relations with Southeast Asia. I hope the results of these projects would provide the impetus for greater private sector participation in ASEAN-ROK cooperation programme and the overall dialogue process.

With regards to the ASEAN-ROK SCF, for which ROK's 5-year pledge of funding support ends this year, ASEAN appreciates to be advised of ROK's future plans. The SCF has been an important vehicle translating ASEAN-ROK cooperation programme into concrete projects benefitting a wide cross- section of organisations within ASEAN as well as in the ROK. In assessing future funding support for the SCF, it would facilitate project formulation and implementation when the quantum of funds and the period of their availability are known. ASEAN and the ROK could then ensure greater coordination and integration of projects funded by the SCF, thereby lending greater visibility and impact to ASEAN-ROK dialogue relations.

Your Excellency,

We are pleased that the Uruguay Round negotiation is finally concluded. The task before us is to ensure that the process toward greater global trade liberalisation and expansion are followed through. In this regard ASEAN and the ROK can work together to have the major trading partners ratify the Final Act and establish the World Trade Organisation (WTO) as early as possible. On our part we should also be preparing ourselves to do likewise.

While we look forward to an era of open and equitable trading system, in the past year or so, a new trend in global trade is of deep concern to developing countries. I refer to attempts by some developed countries to link social and Tabour issues to international trade.

We appreciate the need to address these issues. We in ASEAN are addressing them within the context of our own social and economic development. I am pleased that the ROK in many ways, shares ASEAN's concern on this particular development in global trade. ASEAN and the ROK, should work together to help convince the developed countries that the linkage of social clauses to international trade, without taking into account the pace of development, affordability and norms of the developing countries would inhibit their development programme, which in the longer term would do more harm to efforts to improve the social condition and welfare of workers in developing countries.

Your Excellency,

This is the last time I am co-chairing this 6+1 session with you, as the coordinatorship for ASEAN dialogue relations will be rotated after this. It has been a useful experience managing ASEAN's relations with the ROK during the last 3 years. You have been very supportive of the dialogue process, in particular of the activities organised by the ASEAN ambassadors in Seoul. I am confident that ASEAN-ROK relations will continue to be enhanced when the Philippines assumes the coordinatorship.

Thank you.