Marcos: Philippines, Korea signed FTA
The Philippines and South Korea have signed a free trade agreement (FTA), President Ferdinand R. Marcos, Jr. said on Thursday, as his government seeks to further liberalize the economy in the face of supply chain disruptions.
In a video posted on Mr. Marcos’ Facebook page, the President said he had witnessed the signing of the free trade deal on the sidelines of the 43rd Association of Southeast Asian Nations Summit in Jakarta this week.
“The FTA will strengthen our bilateral trade and investment relations with the Republic of Korea,” he said, without providing details.
The deal is a “milestone for our economic friendship,” the President said, adding that it would contribute to the Philippines’ “value proposition as an ideal regional hub for smart and sustainable investments.”
Mr. Marcos said the free trade deal would pave the way for many opportunities of collaboration with South Korea.
The Philippines is also seeking an FTA with the European Union.
Last month, Mr. Marcos said the parties were set to start a “scoping process” to help the Philippines and EU assess the extent of the trade deal. — Kyle Aristophere T. Atienza
