South Korea plans to adopt a joint statement on co-existence and prosperity with the Association of Southeast Asian Nations(ASEAN) during their leaders' summit in Busan next week.

President Moon Jae-in's adviser for economic affairs, Joo Hyung-chul, said on Wednesday that through the declaration, Seoul hopes to promote its partnership with the ASEAN to the level of its relationships with major regional powers such as the U.S., China, Japan and Russia.

Riding on momentum from the Busan event, which also commemorates the 30th anniversary of establishing diplomatic relations, Seoul plans to initiate the president's New Southern Policy 2.0 for new projects next year.

Moon first revealed his New Southern Policy in 2017, seeking to enhance strategic partnerships with the regional bloc.

During the two-day ASEAN-Republic of Korea Commemorative Summit that stars on Monday, Moon is scheduled to hold group summit talks as well as one-on-one meetings with each of the ASEAN leaders to strengthen cooperation in various sectors.

The president also plans to adopt the Han River-Mekong River Declaration on promoting ties with the "Mekong five" nations -- Cambodia, Laos, Myanmar, Thailand and Vietnam -- at the inaugural Mekong-South Korea summit.