In line with President Moon Jae-in's New Southern Policy, the Asian Council of Economic Policy, or ACEP, was established on Thursday to boost economic cooperation and prosperity between South Korea, ASEAN countries and India.
The council is made up of key consultative bodies from South Korea and ASEAN nations and is the first of its kind in the region.
Led by South Korea’s presidential advisory body, the National Economic Advisory Council, the ACEP was inaugurated jointly with major economic councils in four ASEAN countries, namely Indonesia, Malaysia, Singapore and Vietnam.
"There are economic councils mainly comprised of advanced economies including the U.S. and Europe whereas until now, there was no joint economic consultative body that connects South Korea, ASEAN countries and India. As South East Asian countries are becoming more significant to South Korea, the ACEP was created to share views on governmental policies and their implications on South East Asian partners."
He added that the ACEP will be a high-level intellectual platform among distinguished economists, practitioners and officials in the region.
Attending virtually, many experts welcomed the inauguration.
In particular, South Korea's Economic Adviser to the president Nam Young-sook highlighted some of the key issues.
"The ACEP will serve as a platform to discuss issues that are difficult for countries to tackle on their own, including climate change, digital transformation and polarization."
Topics, including the escalating U.S.-China tensions and issues which have arisen due to the COVID-19 pandemic, were also discussed at the meeting.
Member nations also suggested ways to boost cooperation to enhance global value chain resilience.
"The Korea consortium built plan of battery plan in Indonesia, for the production of electric vehicle. Korean companies they have the technology, they have the infrastructure, but Indonesia has the materials to produce battery. So with that cooperation between both countries that will benefit both, for sure mutually beneficial."
"The Asian Council of Economic Policy plans to have regular meetings to exchange opinions on how to build a better future for the Asian economy.
Eum Ji-young, Arirang News."