President Moon Jae-in stressed the importance of free trade Monday at the group summit of the ten ASEAN member states plus South Korea, China and Japan.
During the ASEAN-plus-three gathering held in Bangkok, Thailand, Moon said the free trade order must not be shaken by the winds of protectionism.
Among those who attended the meeting was Japanese Prime Minister Shinzo Abe. Tokyo has been restricting exports to Seoul since July in an apparent retaliation for the South Korean Supreme Court's ruling that Japanese firms should compensate South Korean victims of forced labor during Japanese colonial rule.
Moon cited a warning by the International Monetary Fund that 90 percent of countries will suffer slower growth due to trade protectionism and called on the ASEAN bloc and its external members to play a key role in putting the global economy back on its normal track.
The president added that an agreement in ongoing negotiations on the Regional Comprehensive Economic Partnership(RCEP) will not only expand free trade and investment but also contribute to peace and prosperity in the region.