Mr. Chairman,
Excellencies,
Ladies and Gentlemen,

We had a most productive exchange of views yesterday and this morning on issues of multilateral interest and concern. In this session, I would like to focus my remarks on the present status and future direction of Korea-ASEAN relations.

The new Korean government perceives the overall importance of ASEAN more acutely than ever before and has accordingly attached key priority on the further strengthening of this relationship in its "New Diplomacy." The full- dialogue partnership between Korea and ASEAN will be the main mechanism for the achievement of this goal.

Even from before the opening of a formal dialogue channel between Korea and ASEAN, our economic relationship flourished based on mutual compatibility. It should be recalled that the export of raw materials from this region during the 1960s and the 1970s contributed significantly to Korea's initial economic take-off.

As Korea joined the ranks of the Newly Industrialized Economies in the 1980s, Korea-ASEAN economic cooperation continued to prosper based on a mutually reinforcing relationship.

In turn, as ASEAN began to channel its efforts towards rapid industrialization together with large-scale infrastructure modernization programmes throughout the 1980s, Korean firms increased their investments in ASEAN.

As important as these linkages are, however, the key impetus for closer cooperation was realized in the aftermath of the establishment of an official dialogue relationship in 1989. For instance, the annual bilateral trade volume has continued to expand by 30,7c making ASEAN Korea's fourth largest trading partner. Conversely, Korea stands as ASEAN's fifth ranking trading country.

Moreover, whereas Korea's trade with its top three trading countries-- namely, the United States, Japan and the EC--registered a negative growth in 1992, trade with ASEAN in the same period increased by 18.3%. This figure clearly illustrates the growing economic interdependence between Korea and ASEAN.

In quantitative terms, ASEAN has become Korea's second most important region for economic investment. At the same time, qualitative changes are also apparent as evidenced by Korean investments in ASEAN shifting from the labor-intensive to capital- and technology-intensive sectors.

In view of these economic trends, we have to think about the future direction of our bilateral economic relationship. To ensure mutual benefits, we must work together to maintain the steady growth in trade and investment. In particular, Korea hopes that the Common Effective Preferential Tariff, put into force this year as part of the ASEAN Free Trade Area (AFTA), will continue to provide a favorable climate for expanded trade and investment between Korea and ASEAN.

Based on robust economic exchanges, we have made significant progress in bringing Korea and ASEAN closer together.

The ASEAN-Korea Special Cooperation Fund (SCF) is registering significant dividends. The installation of the "ASEAN E-Mail System" which connects the foreign ministries of the members of ASEAN to the ASEAN Secretariat in Jakarta is an example of continuing Korea-ASEAN cooperation.

Koreans were also reminded of the rich cultural heritage of ASEAN on the occasion of the ASEAN Travel Fair held in Seoul last April which served to instill an affinity for this region. With the help of such events, the number of visitors in both directions has continued to increase.

It is essential that we build on the past achievements and continue to broaden the scope of our relations at all levels. Korea is looking forward to consultations on how best to promote cultural, academic and artistic exchanges.

To this end, we will warmly welcome our friends from ASEAN to the Taejon Expo which is slated to open formally next month. We will actively participate in events sponsored by ASEAN including the "ASEAN Science Week" to be held in Bangkok in 1995.

We should also strive to induce the positive participation of the private sector and diversify fields of cooperation. We remain hopeful that the ASEAN- Korea Business Council will be more actively engaged on issues of common concern and will also serve to enhance cooperative ventures in the private sector. We look forward to cultivating innovative ideas as a means of inducing an active participation on the part of the private sector.

The First Korea-ASEAN Dialogue was convened two months ago in Kuching, Malaysia, following Korea's elevation as a full Dialogue Partner in July 1991. Not only were realistic avenues of cooperation discussed, the forum also symbolized the increasing importance of the Korea-ASEAN relationship.

On the occasion of the First Korea-ASEAN Dialogue, ASEAN proposed the establishment in Seoul of a multi-purpose institution devoted to the advancement of trade, investment, tourism, and cultural exchanges between Korea and ASEAN, tentatively named "ASEAN Promotion Centre". We view this as an excellent proposal deserving our full attention. We hope to be engaged in close consultations with ASEAN on this project.

Events also show that a new page in Korea- ASEAN political cooperation has 'already opened. As a case in point, Korea co-sponsored the U.N. resolution of December 1992 endorsing the Treaty of Amity and Cooperation in Southeast Asia. For its part, ASEAN has continued to render its assistance to us over various issues regarding the Korean peninsula.

Korea hopes to closely cooperate with ASEAN in as many areas as possible including the political, economic, and cultural domains. With the full-dialogue partnership, the relations between Korea and ASEAN are becoming a full-fledged one.

In summary, I would like to emphasize that the relationship between Korea and ASEAN has advanced enough to be nurtured on a multi-faceted basis. 'This in turn requires broadening the inter- governmental dialogue as well as the cooperation between private sectors.

Thank you.