South Korea, Philippines Agree To Pursue Free Trade Talks - Joint Statement

South Korea and the Philippines agreed on Wednesday to pursue bilateral free trade talks as part of their efforts to boost bilateral economic relations, the countries' trade ministries said in a joint statement

MOSCOW (UrduPoint News / Sputnik - 17th April, 2019) South Korea and the Philippines agreed on Wednesday to pursue bilateral free trade talks as part of their efforts to boost bilateral economic relations, the countries' trade ministries said in a joint statement.

South Korean Trade Minister Yoo Myung-hee met with Philippine Trade Secretary Ramon Lopez earlier on Wednesday in Manila.

"Today, Minister Yoo and Secretary Lopez are pleased to announce that the Republic of Korea [ROK] and the Republic of the Philippines confirmed their common understanding to pursue a bilateral Free Trade Agreement between the two countries," the statement said.

Additionally, the two countries agreed to try to conclude the free trade negotiations in time for the 2019 ROK-ASEAN Commemorative Summit scheduled for November.

South Korea is currently a major trading partner of the Philippines. Both governments have instituted various agreements at the bilateral level. Additionally, both governments are already part of a greater trade bloc agreement through the ASEAN-Korea Free Trade Area which took effect in 2010.