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Lee off for summit in Cambodia
By Kim Se-jeong
President Lee Myung-bak left for Cambodia Sunday for summits with regional partners and the United Arab Emirates.
President Lee Myung-bak
By Kim Se-jeong
In Phnom Penh, Lee will be participating in the East Asian Summit (EAS) and the ASEAN-plus-three summit. ASEAN is a geo-political and economic organization with 10 member states.
The highlight of his three-day stay in Cambodia will be the EAS forum where 16 member states will announce the launch of free trade negotiations for “Regional Comprehensive Economic Partnership.” The EAS consists of 18 countries - the ASEAN states, South Korea, China, Japan, the United States, Russia, Australia, India and New Zealand, meanwhile, the U.S. and Russia won’t be part of the free trade negotiations. Barack Obama, the re-elected U.S. president is expected to attend the forum.
The ASEAN plus three summit is expected to discuss expanding the volume of regional currency swap agreement, known as the Chiang Mai Initiative Multi-lateralization; the implementation of the “ASEAN Plus Three Emergency Rice Reserve”; and a new road map for the ASEAN Bond Markets Initiative.
ASEAN has grown as an important partner for South Korea in recent years.
With a combined population of 600 million the region offers a huge market pool for Korean corporations seeking to expand into foreign markets. Last year, ASEAN was Korea’s second largest trade and investment partner with its trade volume mounting to $124.9 billion.
On Tuesday, Lee will move to Abu Dhabi for a summit with UAE President Sheikh Khalifa Bin Zayed Al Nahyan.
The UAE is the first customer of the Korean atomic power expertise. A Korean consortium won the bid to construct a nuclear power plant in 2009. Korea buys petroleum from the country, whose economy is driven by the export of petroleum and natural gas.