South Korea and the members of the Association of Southeast Asian Nations (ASEAN) have agreed to upgrade their status from a comprehensive economic partnership to a strategic partnership.

President Lee Myung-bak attended the South Korea-ASEAN summit Friday, during which the leaders at the summit noted that South Korea-ASEAN trade volume is expected to reach 100 billion dollars this year.

Lee proposed the establishment of a South Korea-Mekong foreign ministerial meeting in order facilitate development projects in the ASEAN region and to step up South Korea’s cooperation with nations in the area.

Lee will attend the ASEAN Plus Three summit and the South Korea-China-Japan summit on Friday afternoon.