The new foreign policy approach of the Republic of Korea (ROK) toward the Indo-Pacific region was introduced by President Yoon at the 2022 ASEAN-Korea Summit in Phnom Penh, Cambodia. In his initiative, President Yoon attached great importance to the Association of Southeast Asian Nations (ASEAN) by laying a solid foundation for enhancing regional cooperation through the far-sighted Korea-ASEAN Solidarity Initiative (KASI). The initiative, which is aimed at fostering solidarity and strengthening ties between Korea and ASEAN member countries, has significant consequences for both Cambodia and ASEAN.

The KASI was introduced as a comprehensive framework for cooperation with the intent to improve economic, political, and sociocultural interaction between the ROK and ASEAN. Recognizing the possibility of cooperative relationships, it works to maximize the abilities and assets of both parties in order to tackle shared problems and achieve joint objectives.

The KASI offers ASEAN members, such as Cambodia, a number of choices for economic growth and development and opens the way for expanded trade, investment, and technology transfer between the ROK and its major trading partners and investors in the region. Significantly, KASI promotes the knowledge and skill sharing needed for the development of Cambodia’s industrial and manufacturing sectors; thus, generating greater employment capacity for Cambodian citizens.

By promoting cross-border trade, investment, and the movement of products and services, regional cooperation fosters economic integration. Countries can better harness their resources and production capacities by constructing a framework for cooperation, resulting in a more dynamic and integrated market. Increased regional collaboration through KASI presents new opportunities for economic development, trade diversification, and foreign direct investment for Cambodia. This, in turn, may help to lessen poverty, create jobs, and advance the nation's economy as a whole.

The partnership between Korea and ASEAN is essential for regional economic growth. Numerous ASEAN members trade and invest extensively with the ROK. Healthy trade and investment relations between the two regions have facilitated the development of new industries, jobs, and technology. Additionally, the Korea-ASEAN Free Trade Agreement (KAFTA) has fostered liberalization of commerce by reducing obstacles and nurturing broader market access.

The ROK-ASEAN relationship is crucial for fostering regional peace, stability, and security in addition to economic cooperation. Both parties have collaborated to address shared concerns like climate change, maritime security, and the non-proliferation of weapons of mass destruction, through political discourse, strategic alliances, and international frameworks. This cooperative strategy boosts regional resilience and promotes ASEAN cohesion.

With its advantageous location and quickly expanding economy, Cambodia expects to benefit significantly from the KASI. The program also promotes increased cultural exchanges, improved economic relations, and encourages closer cooperation between Korea and ASEAN participants. This benefits Cambodia through increasing opportunities for trade and investment, advancing technology, and developing production and labour capacity across a range of industries.

The potential growth of Cambodia's export sector is a key benefit of the KASI. The program supports initiatives that facilitate commerce, such as lowering tariff barriers and expediting customs processes. Thus, businesses in Cambodia can more readily access the ROK market, grow their clientele and broaden their export markets. The strategy also supports the growth of local value chains, which can improve Cambodia's integration into international supply and value chains.

Through KASI, the ROK and the ASEAN nations - including Cambodia - benefit through more frequent dialogue, visitor exchanges and gain greater cultural understanding. More frequent meetings develop confidence and provide a forum for tackling common issues including security concerns, economic cooperation and regional stability.

Closer political and diplomatic connections are essential for addressing regional challenges and the advancement of peace and stability. Countries can better manage issues, settle disputes and work toward shared objectives by building efficient communication routes and platforms for dialogue. Moreover, KASI allows Cambodia, ASEAN and the ROK to work together to increase their collective voice in regional and global affairs.

The multiplicity of economies within ASEAN presents a special set of issues for KASI. Each member nation has a distinct political structure, socio-economic environment and differing degrees of development. Challenges remain in matching distinct interests, priorities, and strategies due to ASEAN’s wide diversity. Fostering open communication and extensive dialogues among all stakeholders, including governments, corporations, civil society organizations, and local communities, is essential to addressing this situation. The KASI’s all-inclusive strategy aids the determination of shared objectives, introduction of harmonization strategies and guarantees project benefits for all ASEAN members, including Cambodia.

Potential differences in resources and capacity among ASEAN member nations present another difficulty. While some ASEAN member states might have developed infrastructure and well-established sectors, others encounter challenges with regard to technology, human capital, and financial resources. To address capacity imbalances, the KASI includes the potential for capacity-building initiatives, knowledge-sharing platforms, and funding support mechanisms, which can help close development gaps and increase ASEAN's overall capabilities as a regional bloc through targeted support and encouragement of inclusive growth.

The promotion of social and cultural interactions between the ROK and ASEAN has been greatly aided by the KASI. As a result, the people of both ASEAN and Cambodia are now more appreciative of and knowledgeable about one another's cultures, traditions, and values. These interactions have improved Cambodia's cultural landscape while also fostering collaboration and respect between ASEAN members.

Additionally, this initiative has improved the security and stability of the region. Cambodia and the other ASEAN nations have been successful in addressing shared security concerns through cooperative efforts in fields including counterterrorism, cybersecurity, and maritime security. Both the people of Cambodia and the larger ASEAN community now live in a safer and more secure environment as a result.

Overall, The KASI has been crucial in advancing regional integration, economic growth, inclusive prosperity, cultural understanding, and security cooperation between the ROK and ASEAN. The KASI has already resulted in various favorable improvements delivering advantages to Cambodia’s economy and society at large.

The KASI retains tremendous potential for future cooperation and mutual gain as ASEAN continues to fortify its connections with the ROK. The Cambodian government has prioritized the KASI seeking to harness its benefits to provide a solid basis at all levels for long-term economic and social development for Cambodia and its people.

(Dr. Khek Vireak, Director Asia Research Center and Lecturer of Geopolitics of the Royal Academy of Cambodia)