RoK-ASEAN trade likely to reach 160 billion USD in 2018
Two-way trade between the Republic of Korea (RoK) and the Association of Southeast Asian Nations (ASEAN) is expected to reach 160 billion USD this year as Seoul seeks to bolster ties with the 10-member regional bloc.
Vice Chairman of the Financial Services Commission Kim Yong-beom (Photo: Yonhap)
Hanoi (VNA) - Two-way tradebetween the Republic of Korea (RoK) and the Association of Southeast AsianNations (ASEAN) is expected to reach 160 billion USD this year as Seoul seeksto bolster ties with the 10-member regional bloc.
Kim Yong-beom, Vice Chairman of theFinancial Services Commission (FSC), revealed the figure at an annual meetingwith ambassadors from the Southeast Asian nations and India.
In the first 10 months of this year, bilateraltrade between the RoK and ASEAN hit 132.1 billion USD, up 7.6 percent on-year,Kim told the meeting.
The RoK’s financial firms are alsoexpected to expand their operations in ASEAN member countries, he said.
The number of branches of Korean financialcompanies in ASEAN and India stood at 162, Kim said, adding that the flow oftourists between the two sides are forecast to exceed 10 million this year.
The RoK has sought stronger economicrelations with ASEAN under President Moon Jae-in's "New SouthernPolicy" to reduce its heavy reliance on China. It set a goal of raisingbilateral trade to 200 billion USD by 2020.
The ASEAN, comprising Brunei, Cambodia,Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand andVietnam, is currently the world’s second biggest importer of Korean products,just behind China.-VNA
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Vice Chairman of the Financial Services Commission Kim Yong-beom (Photo: Yonhap) 
