The Association of Southeast Asian Nations(ASEAN) has expressed grave concerns over North Korea's repeated ballistic missile tests, underlining they could escalate tension and threaten peace and stability in the region. 

In a joint statement announced on Friday, foreign ministers of the ten ASEAN member states called on North Korea to fully comply with all resolutions adopted by the U.N. Security Council in consideration of international concerns on regional peace and security. 

The regional bloc - consisting of ten countries including Singapore, Indonesia, Vietnam and Cambodia - also reaffirmed its readiness to promote a conducive atmosphere for dialogue to achieve a peaceful and complete denuclearization of the Korean peninsula. 

The joint statement comes amid mounting tension on the Korean peninsula, following North Korea's series of missile test launches throughout the month of January. 

Foreign ministers of South Korea, Japan and the U.S. will hold a meeting next week to discuss ways to strengthen their cooperation in addressing growing missile provocations by Pyongyang.