Trade Secretary signs a free trade agreement with South Korea, with President Ferdinand Marcos Jr. and South Korean President Yoon Suk Yeol as witnesses. Photo from MPC Pool/Rex Remitio
JAKARTA, Indonesia — President Ferdinand Marcos Jr. on Thursday said that the Philippines was able to sign a free trade agreement (FTA) with South Korea during the 43rd Association of Southeast Asian Nations Summit in Jakarta.
Marcos said that this means more jobs that bolsters the Philippines’ investment potential.
“I also witnessed the signing of the Philippines-Republic of Korea Free Trade Agreement, which clearly demonstrates, the shared commitment of both countries to their mutual economic growth and development,” said Marcos in his Youtube Channel.
An FTA with South Korea has been in the works as early as August, with a deal being forecast by October.
“The FTA will strengthen our bilateral trade and investment relations with the Republic of Korea, especially as it generates jobs in that contributes to the Philippines’ value proposition as an ideal regional hub for smart and sustainable investments,” said Marcos.
According to the President, this FTA spells a greater economic friendship between the two countries.
“The signing of the FTA is a testament to the realization of many opportunities for complementation and collaboration between the Philippines and South Korea, and an even greater milestone for our economic friendship,” he said.
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