Mr. Chairman, Exceliencies, Ladies and Gentlemen,

Over the last two days, we had extensive discussions on a wide range of issues which have relevance to the new changes on the global scene. Naturally, our discussions were focused on the Issues of regional interest such as the future rospects of the APEC and the ARF, the two central pillars in the Asia-Pacific we have been able to build over the past years. In this session, I would like to reflect on Korea-ASEAN relations against the background of the regional trends.

Korea is the only developing country among ASEAN's Dialogue Partners. We established a dialogue partnership as recently as five years ago. In this relatively short period, however, our relationship has prospered very rapidly. This has been made possible not only because our relationship is complementary rather than competitive in nature, but also because we all have at potential for development. As developing nations in Asia, we are close to each other both psychologically and culturally, which,in turn, reinforces our mutual affinity, understanding and cooperation.

At this meeting last year, I emphasized that Korea's new government put foreign policy priority promoting the Korea-ASEAN relationship. We on were honoured that, during the last one and a half years, the heads of government of four ASEAN nations visited Korea and had summit talks with President Kim Young Sam.I, as Foreign Minister, made my second round of visits to ASEAN countries in May, following the first tour in April last year.

Through these increasing exchanges and contacts, we have deepened our cooperative relationship not only in political but also in economic, cultural and social fields. The Korean people's reness of ASEAN has also grown remarkably. Now, over 300 thousand Koreans travel to ASEAN countries annually, more than to any other region.

In the political arena, we have worked together to find a peaceful solution to the North Korean nuclear issue. I would like to take this occasion to express my gratitude for the support which ASEAN countries have provided, both collectively and individually. The launching of the ARF will, I am certain, prove a new momentum to further promote security cooperation between Korea and ASEAN.

Our economic relations have also remained very sound and healthy. We are each other's fourth largest trading partner, and 25% of Korea's overseas investment goes to ASEAN countries. Over the past 5 years, the volume of our two-way trade has increased more than 2.5 times from 6.5 billion dollars in 1988. It is expected that the conclusion of the UR will help reinforce this trend. Investment by Korean companies in ASEAN will also expand with my govemment's active policy of encouraging overseas investment.

At a dinner with ASEAN ambassadors in Seoul and the leading members of the ASEAN-Korea Business Council last January, I had a chance to exchange views on how to best promote the ASEAN-Korea economic cooperation. We shared the view that there were ample opportunities to further expand trade and investment which awaited creative initiatives on both sides. ASEAN started to implement in full-scale the Common Effective Preferential Tariff (CEPT) scheme from January Ist this year. ASEAN has also set in motion to materialize several Growth Triangle projects. If AFTA and Korea can be linked together, I presume our two economies will benefit each other. And I hope that an increasing number of Korean companies will be able to participate in the Growth Triangle projects. As Secretary Romuto briefly mentioned in this session last year, I would like to officially propose that we carry out some relevant cooperation projects using the ASEAN-Korea Special Cooperation Fund (SCF).

The SCF has played an important role in promoting the Korea-ASEAN relationship. Since its establishment in 1990, a total of twenty cooperation projects have been completed and more than ten projects are presently underway. The "Korea-ASEAN Diplomats' Mutual Study Trip Program", among others, will provide us with an excellent opportunity to deepen our mutual understanding.

My government is favorably considering extending the SCF for some more time beyond 1994. 1 hope we will officially notify the decision of my government of the extension of the SCF as soon as internal consultation process is completed.

In May last year, we launched the first round of the "Korea-ASEAN Dialogue". At the meeting, ASEAN came up with the idea of establishing the ASEAN Promotion Center in Seoul. If ASEAN provides us with more specific plans, we are ready to undertake a positive study. The ASEAN Promotion Center, I believe, will contribute to more exchanges between Korea and ASEAN.

The Korea-ASEAN partnership has grown and will continue to grow to a new height in the years to come. I think we need to develop the "Korea-ASEAN Dialogue" as a forum where we can discuss all issues comprehensively and in depth. I hope that ASEAN will be forthcoming.

Before I conclude, I would like to express my heartfelt thanks for the invaluable support which the Malaysian government, as Korea's Coordinating Country, has provided us for the past three years. Without Malaysia's support and assistance, the Korea-ASEAN relationship could not have stood on such a firm ground as it does today. I look forward to the same support and cooperation from the Philippine government as next Coordinating Countty for Korea.

Thank you.