These challenges include the global economic recession, food and energy security, environmental degradation, climate change, natural disasters and epidemics.

To effectively address the global financial-economic downturn, ASEAN and RoK leaders underlined the need to introduce more flexible financial policies and stimulus packages, avoid trade protectionism and increase regional and international cooperation in trade, investment and finance to restore investors’ trust and achieve sustainable development.

They agreed to promote financial and economic cooperation within the ASEAN-RoK framework and implement the Chiang Mai Initiative multilateral scheme and the Asia Bond Market Initiative within ASEAN+ 3 (China, Japan and the RoK) as soon as possible. 

They also agreed to expand cooperation within other frameworks to ensure food and energy security, effectively respond to climate change, promote relief and rescue work for natural disasters and prevent epidemics.

To overcome the current crisis, Vietnamese Prime Minister Nguyen Tan Dung called on every country to introduce synchronous solutions and increase regional and international cooperation.

ASEAN and the RoK should work closely with other Asian economies to build a basic foundation for sustainable development, based on a healthy macro economy and traditional cultural values, said Mr Dung.

He proposed that ASEAN and the RoK invest more in science and technology, develop human resources, stimulate creativity and re-establish Asia’s position as one of the cradles of civilisation.

At the end of the meeting, the leaders signed a joint statement from the ASEAN-RoK Commemorative Summit and witnessed the signing of an agreement on ASEAN-RoK investment and other agreements to establish the ASEAN-RoK free trade area.

They also released a press communiqué on the Democratic People’s Republic of Korea’s recent nuclear tests, voicing their support for a denuclearised Korean peninsular and the resumption of the six-party talks to solve related issues through peaceful means.