ASEAN-ROK SUMMIT IN BUSAN

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Meanwhile, President Moon Jae-in held bilateral summit meetings with the heads of Thailand, Indonesia and the Philippines on the first day of the summit. We have the details.

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Presidents Moon Jae-in and Joko Widodo sat down for talks again. Their previous meeting was on the sidelines of the ASEAN+3 Summit held in Bangkok earlier this month. The Indonesian leader grabbed attention by addressing his South Korean counterpart as "hyungnim," which means older brother in Korean.

[Soundbite] JOKO WIDODO(INDONESIAN PRESIDENT) : "I express my appreciation for the warm welcome extended by my honorable "hyungnim," President Moon Jae-in."

The two sides finalized a bilateral comprehensive economic partnership agreement. The trade deal is expected to promote South Korean businesses' advance into Indonesia where Japanese automobiles hold a 96 percent market share. Moon sought Widodo's support for Korean carmakers to establish a market presence in the Southeast Asian nation. In response, the Indonesian leader asked for South Korean businesses' greater participation in his country's social overhead capital projects.

[Soundbite] PRES. MOON JAE-IN : "The finalized CEPA will promote bilateral trade."

During the South Korea-Philippines summit, the two sides agreed to open their markets early for some items of mutual interest. Manila will welcome South Korean auto parts and medicines, while Seoul will open its banana and apparel markets. The two countries vowed to conclude the trade negotiations and reach an agreement by next year. The South Korea-Thailand summit involved discussions on ways to strengthen bilateral economic cooperation. The two countries signed an agreement on boosting South Korean businesses' participation in the development of Thailand's new industrial base called the Eastern Economic Corridor.

[Soundbite] PRES. MOON JAE-IN : "Thailand is one of the most important partners for the Republic of Korea government's new Southern Policy."

With the goal of stepping up his "new southern policy," President Moon plans to meet with the heads of all nine ASEAN members attending the commemorative summit.