NATIONAL
Advocates Philippines
PBBM Witnesses Signing Of Philippines-Korea Free Trade Agreement
Photo credit: PCO
President Ferdinand Marcos Jr. of the Philippines and South Korean President Yoon Suk Yeol came together on Thursday, September 7, 2023, at the 43rd ASEAN Summit in Jakarta, Indonesia, to mark the signing of the Philippines-Korea Free Trade Agreement (PH-KR FTA). This agreement signifies a step towards reinforcing the partnership between the Philippines and South Korea.
During their meeting, President Marcos expressed his optimism about the FTA, stating, "The signing of the FTA is a significant step. It can only be a successful arrangement for both our countries. I look forward to expanding the trade agreement between our countries."
President Marcos highlighted the relationship between the two nations, emphasizing his hopes for the FTA to extend its benefits beyond government partnerships, encompassing private firms and the private sector.
In response, South Korean President Yoon Suk Yeol echoed the sentiment of elevating the partnership between the Philippines and South Korea, emphasizing that the PH-KR FTA would "set another milestone" in their relationship.
President Yoon also expressed a keen interest in expanding opportunities for overseas Filipino workers in South Korea and cooperating on the supply chain of critical materials, with a vision for the Philippines to transition towards nuclear power.
Acknowledging South Koreans as the top tourists in the Philippines, President Marcos emphasized the importance of tourism between the nations.
Trade Secretary Alfredo Pascual and Trade Minister Ahn Duk Geun formalized the PH-KR FTA during the 24th ASEAN-Korea Summit, solidifying their commitment to enhanced trade, investment relations, and job creation.
The FTA is expected to bolster the Philippines' position as an investment destination, especially in manufacturing and export. It will also provide the Philippines with increased market access to South Korea, benefiting products like tropical fruits and fostering cooperation in various sectors.
South Korea remains a trade and investment partner for the Philippines, with bilateral trade valued at US$15.45 billion and investments in 2022. This agreement is set to strengthen economic ties and mutual prosperity between the two nations.
During their meeting, President Marcos expressed his optimism about the FTA, stating, "The signing of the FTA is a significant step. It can only be a successful arrangement for both our countries. I look forward to expanding the trade agreement between our countries."
President Marcos highlighted the relationship between the two nations, emphasizing his hopes for the FTA to extend its benefits beyond government partnerships, encompassing private firms and the private sector.
In response, South Korean President Yoon Suk Yeol echoed the sentiment of elevating the partnership between the Philippines and South Korea, emphasizing that the PH-KR FTA would "set another milestone" in their relationship.
President Yoon also expressed a keen interest in expanding opportunities for overseas Filipino workers in South Korea and cooperating on the supply chain of critical materials, with a vision for the Philippines to transition towards nuclear power.
Acknowledging South Koreans as the top tourists in the Philippines, President Marcos emphasized the importance of tourism between the nations.
Trade Secretary Alfredo Pascual and Trade Minister Ahn Duk Geun formalized the PH-KR FTA during the 24th ASEAN-Korea Summit, solidifying their commitment to enhanced trade, investment relations, and job creation.
The FTA is expected to bolster the Philippines' position as an investment destination, especially in manufacturing and export. It will also provide the Philippines with increased market access to South Korea, benefiting products like tropical fruits and fostering cooperation in various sectors.
South Korea remains a trade and investment partner for the Philippines, with bilateral trade valued at US$15.45 billion and investments in 2022. This agreement is set to strengthen economic ties and mutual prosperity between the two nations.
Sep 8, 2023
