Over the past twenty years, economic relations between ASEAN and Korea have evolved quite rapidly. As a result, ASEAN has now become the second largest trading partner and FDI destination for Korea.
Various important institutional frameworks have also been established. The ASEAN-Korea Summit has become an annual event, and the ASEAN-Korea Centre was established with the mandate to promote economic and socio-cultural cooperation. With regard to formal economic integration, the ASEAN-Korea FTA as well as the Korea-Singapore FTA went into force, and the Korea- Indonesia CEPA and the Korea-Vietnam FTA negotiations are under way. Additionally, RCEP negotiations are currently under way, with the aim of conclusion by the end of 2015, among ASEAN, China, Japan, Korea, India, Australia and New Zealand.