Economic cooperation of the Republic of Korea in Asean + 3 format in the paradigm of new challenges for the region of South-east Asia

Kolesnikova Alexandra Valerievna

The purpose of this study is to analyze the roadmap for the "New South Policy" of the Republic of Korea in the ASEAN + 3 format, as well as to assess its implementation based on the achievements made. The article explores the respective roles of the private and public sectors, as so far, the main players have been private Korean companies, which have been supported to some extent by implementing government policies in the form of tariff liberalization under the ASEAN-Republic of Korea Free Trade Agreements. The adoption of the New Southern Policy signals the transfer of greater powers to the public sector and underlines the South Korean government's commitment to play a much larger role in shaping economic relations with the alliance. The article assesses the form and possible results of this government initiative in the paradigm of new challenges in the Southeast Asia region. One of the sections of the study is an analysis of economic ties between the Republic of Korea and its southern partners, which highlights the strengths and weaknesses of these relations. As a second step, the author attempts to identify the contribution that a government strategy can make to an established partnership at the private sector level. In doing so, it will also consider external factors such as competition from other major players in the region, including the Russian Federation. The article ends with an assessment of the economic prospects for the New Southern Policy.

Keywords:ASEAN, Republic of Korea, New Southern Policy, economic cooperation