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Stochastic optimization of computationally expensive problems is a relatively new field of research in evolutionary computation (EC). At present, few EC works have been published to handle problems plagued with constraints that are expensive to compute. This paper presents a surrogate-assisted memetic co-evolutionary framework to tackle both facets of practical problems, i.e. the optimization problems having computationally expensive objectives and constraints. In contrast to existing works, the cooperative co-evolutionary mechanism is adopted as the backbone of the framework to improve the efficiency of surrogate-assisted evolutionary techniques. The idea of random-problem decomposition is introduced to handle interdependencies between variables, eliminating the need to determine the decomposition in an ad-hoc manner. Further, a novel multi-objective ranking strategy of constraints is also proposed. Empirical results are presented for a series of commonly used benchmark problems to validate the proposed algorithm.