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Manila Bulletin devider Business devider Trade & Industry devider Philippines, South Korea ink deal on trade, energy

Philippines, South Korea ink deal on trade, energy

Published May 15, 2025 07:39 pm

At A Glance

  • Trade Secretary Cristima Roque, who is in South Korea for a trade mission, said the landmark agreement signals both countries' shared vision for a sustainable and technologically advanced future.

The Philippines and South Korea signed an agreement to accelerate cooperation in trade and energy in pursuit of driving industrial transformation, according to the Department of Trade and Industry (DTI).

In a statement on Thursday, May 15, DTI Secretary Cristina Roque said she signed a memorandum of understanding (MOU) on trade, economic, and energy cooperation with South Korea’s Trade, Industry and Energy Minister Cheong In-kyo on Wednesday, May 14.

Roque, who is in South Korea for a trade mission, said the landmark agreement signals both countries’ shared vision for a sustainable and technologically advanced future.

The MOU, which builds upon the bilateral free trade agreement that took effect last year, is envisioned as “a significant leap forward in their economic vision.”

The agreement outlines joint initiatives in key areas, including renewable energy (RE), electric vehicles (EVs), and the value-added processing of critical minerals for battery production.

The collaboration is expected to position the Philippines and South Korea at the forefront of the green industrial revolution.

“This is a bold declaration of our collective goal of shaping a future-ready, innovation-driven economy anchored on robust global partnerships and equitable growth for all our citizens,” said Roque.

“Both sides will now continue to work on concrete initiatives on trade, industrial technology, and energy resource development,” she added.

As the Philippines prepares to assume the chairmanship of the Association of Southeast Asian Nations (ASEAN) next year, Roque said partnering with South Korea reflects the country’s role as a regional driver of cooperation and strategic linkages.

During her trip to the South Korean capital of Seoul, the secretary inaugurated the DTI SME Showroom at PDOT Showroom in President Hotel.

The showroom features a rotating selection of high-quality, export-ready products from the Philippines, which will serve as a platform for small and medium enterprises (SMEs) to foster international business partnerships.

“By providing this physical presence overseas, we break through geographical barriers for our SMEs and build the trust that international buyers seek. We are making it easier for the world to do business with the Philippines—one city, one showroom, one export deal at a time,” said Roque.

Related Tags

Department of Trade and Industry (DTI) Cristina Roque small and medium enterprises (SMEs)
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