The Philippines and South Korea signed a free trade agreement during a bilateral meeting on the sidelines of the Association of Southeast Asian Nations (ASEAN) Summit in Jakarta, Indonesia.
President Ferdinand "Bongbong" Marcos Jr. announced this in his post-ASEAN participation report on Thursday, Sept. 7.
"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," Marcos stated.
The President said the signing of the free trade agreement (FTA) will bolster both countries' bilateral and investment relations.
It will also help in the Philippines' goal to be an ideal regional hub for investment.
"The FTA will strengthen our bilateral and investment relations with the Republic of Korea, especially as it generates jobs and contributes to the Philippines' value proposition as an ideal regional hub for smart and sustainable investment," Marcos said.
"The signing of the FTA is a testament to the realization of the many opportunities for complementation and collaboration between the Philippines and South Korea and even greater milestone for our economic friendship," he added.
South Korean President Yoon Suk Yeol was also present to witness the signing of the FTA between the Philippines' and South Korea's trade ministers.