(Unofficial translation)

Honorable Chairman and leaders of member states,

“Birds build nests when winds blow strong. They do so in order to build sturdy nests that can withstand even high winds.”

We did the same some 20 years ago. When the storm of the foreign exchange crisis blustered, the leaders of the ASEAN Plus Three countries were brought together for the first time. United as one amidst the crisis, we created a robust economic sphere that accounts for 30 percent of the global economy.

Now after about 20 years, a protectionist trend is raging once again. The IMF expressed concerns that around 90 percent of all countries might experience a synchronized slowdown due to a contraction in trade.

We have to keep the free trade order from being swayed by adverse factors and put the global economy, which is being propelled toward a “contractionary equilibrium,” back on the path toward an “expansionary equilibrium.” I hope that ASEAN Plus Three will be able to play a pivotal role with cooperation.

Conclusion of the Regional Comprehensive Economic Partnership negotiations will contribute not only to the expansion of free trade and investment in the region but also to peace and common prosperity in East Asia. 

I hope that today’s meeting will serve as an opportunity to strengthen our cooperation, safeguard the free trade order and lay the cornerstones of an East Asian Community. 

I expect that the ASEAN-Republic of Korea Commemorative Summit and the Mekong-Republic of Korea Summit to be held in Korea this month will give more substance to today’s discussions and help them bear fruit. 

Thank you.