President Park Geun-hye returned home on July 18, wrapping up a five-day trip of Mongolia, in which she attended the 11th ASEM Summit in an official visit to the country.
President Park proposed that the ASEM Economic Ministers’ Meeting be held in Seoul next year. She made the proposal while delivering a speech as the lead speaker, during the first session of the ASEM Summit in Ulaanbaatar on July 15.
“Each country should work to reap the benefits from open, free trade that are given to all walks of life, as well as join forces to spur creative innovation that opens a new driving force to lead our economies,” said President Park. “I hope that the ASEM Summit this time will provide an impetus to the spread of free trade across our regions, with inclusive growth and creative innovation.”
President Park proposed that the ASEM Economic Ministers’ Meeting be held in Seoul next year to discuss specific action plans. President Park’s proposal may be construed as a move to demonstrate her determination to address the spreading of protectionist moves in the wake of Brexit the United Kingdom’s decision to leave the European Union, to make Korea a leading country spearheading free trade.
If Seoul is confirmed to be the venue of the 2017 ASEM Economic Ministers’ Meeting, it would be the first time that such a meeting would be held in Korea. In 2003, the ASEM Economic Ministers’ Meeting was held in Dalian, China..
ASEM Economic Ministers’ Meeting had been suspended since it was held in the Netherlands in 2005. The European country denied visas to Myanmar, citing its human rights issues, provoking ASEAN’s boycotting of the meeting.
The president continued, saying that, “The constant threats to peace and security, such as North Korea’s nuclear weapons program, and, recently, Britain’s divorce from the EU, make us doubt not only the matter of the unity of Europe, but also the sustainability of the international order, which is based on globalization, regional unity, multilateralism and free trade. In tackling these global challenges, ASEM should play a central and a leading role with our close partnership.”
“ASEM’s role should be strengthened so as to drive connectivity and unity among member states in this bloc,” President Park said. “There is a need to transform the procedures at ASEM summits so that talks can bring about more economic cooperation and more connectivity among member states. The way in which agenda items are discussed during talks should be improved so that all member states can have two-way discussions on issues of mutual interest,” she added.
President Park met with Donald Tusk, president of the European Council, and Jean-Claude Juncker, president of the European Commission, and agreed to ramp up a joint stance against North Korea’s nuclear ambitions, while agreeing to revise the Korea-EU Free Trade Agreement.
After wrapping up the Summit, President Park began an official visit to Mongolia at the invitation of Mongolian President Tsakhiagiin Elbegdorj. During their summit, President Park and Mongolian President Elbegdorj agreed to cooperate on the denuclearization of North Korea. Following a ceremony to sign an MOU between Korea and Mongolia and a news conference, President Park extended thanks to President Elbegdorj for not allowing North Korea to possess a nuclear arsenal and for his support for the reunification of South and North Korea.
“During today’s summit, we’ve agreed to make joint efforts to ensure stability in the region based on a firm stance toward the denuclearization of North Korea,” President Park said.
Based on the two nations’ shared values of democracy and a market economy, President Park actively pursued mutually beneficial cooperation addressing each other’s strengths and needs and seek ways to materialize peace and prosperity in Northeast Asia, the common goals of the two countries.
Building upon the complementary economic relations with resource-rich Mongolia, President Park sought ways to promote mutually beneficial, substantive cooperation such as new areas of collaboration, including the new energy industry and healthcare, and Korean companies’ participation in Mongolia’s energy and infrastructure construction projects. The President also engaged in discussions on ways to give substance to the comprehensive partnership in a range of areas, including development cooperation and people-to-people and cultural exchanges.
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