PHNOM PENH (Yonhap News) -- South Korean President Lee Myung-bak headed to the United Arab Emirates on Tuesday after attending a set of annual cooperation summits with Southeast Asian and other Asia-Pacific countries in Cambodia.

During a summit with the 10 member nations of the Association of Southeast Asian Nations, Lee pledged to expand South Korea's development assistance and other aid to the increasingly important region of vibrant economies with high growth potential.

Lee also attended a meeting of the East Asia Summit and launched free trade talks involving 16 EAS members. The EAS is a forum grouping the 10 ASEAN nations and its eight dialogue partners -- South Korea, China, Japan, the United States, Russia, India, New Zealand and Australia.

All but the U.S. and Russia are taking part in the negotiations to forge what has been dubbed the "Regional Comprehensive Economic Partnership" or RCEP. If realized, the deal is expected to bring about up to $19.46 billion worth of economic benefits to South Korea, and raise the country's economic growth by 1.76 percent in 10 years.

On the sidelines, the trade ministers of South Korea, China and Japan also launched separate talks toward a three-way free trade deal. The move is a sign the three countries intend to move cooperation forward despite their territorial and sovereignty rows.

Lee also held one-on-one meetings with Chinese Premier Wen Jiabao and Vietnamese Prime Minister Nguyen Tan Dung.