ASEAN-ROK Sectoral Dialogue

1. In response to the Republic of Korea's approach for cooperation in certain fields, the 22nd ASEAN Ministerial Meeting (AMM) agreed to the establishment of Sectoral Dialogue, covering the areas of trade, investment, and tourism. Senior officials of both sides met in August 1989 to prepare the groundwork for such Sectoral Dialogue Relations.

2. On 2 November 1989 at the ASEAN Secretariat Building in Jakarta, His Excellency Mr. Ali Alatas, Minister for Foreign Affairs of the Republic of Indonesia and the current Chairman of the ASEAN Standing Committee on behalf of ASEAN and His Excellency Mr. Choi Ho-Joong, Minister of Foreign Affairs of the Republic of Korea (ROK) signed and exchanged the letters establishing Sectoral Dialogue Relations between ASEAN and the ROK.

3. The ASEAN-ROK Sectoral Dialogue will initially concentrate on the areas of trade, investment and tourism, with the possibility of expanding the relations to include other areas such as development cooperation, transfer of technology and Human Resources Development (HRD).

4. On the modalities of this Sectoral Dialogue, ASEAN and the ROK agreed to set up an ASEAN- ROK Joint Sectoral Cooperation Committee (ASEAN-ROK JSCC) consisting of senior government officials from both sides. This inter-governmental consultative body will facilitate the ASEAN- ROK Sectoral Dialogue Relations in the agreed areas.

5. On ASEAN's own machinery, ASEAN has agreed that Indonesia shall be the first ASEAN member country to coordinate the ASEAN-ROK Sectoral Dialogue Relations and that the ASEAN Committee in Seoul (ACS), composed of ASEAN Heads of Diplomatic Missions accredited to the ROK would be formed to facilitate the conduct of the said Dialogue Relations.

6. Both sides would also encourage the formation of an ASEAN-ROK Business Council, as the momentum and effectiveness of the Sectoral Dialogue depend very much on the activities of the private sector.

7. The ROK has offered a Special Cooperation Fund, worth US$ 1 million for the year 1990 and amounting to US$ 5 million over the 5 yearsperiod. Both sides are still discussing the arrangements for the management of the said Fund in order to find the mutually acceptable formula in line with ASEAN's practices.

8. COFAB, COIME and COTT have already submitted project proposals for funding under the Special Cooperation Fund. ASEAN and ROK would hold the first meeting of the ASEAN-ROK JSCC to consider and approve the submitted projects.