Earlier this year, the two nations said they intended to sign the agreement at this week`s ASEAN Republic of Korea Memorial Summit in Busan. However, South Korean Trade Minister Yoo Myung-hee and his counterpart Ramon Lopez signed a joint declaration on Monday on promoting the agreement process. According to the Yonhap news agency, the Philippines has agreed to remove barriers for South Korean auto parts, pharmaceuticals and petrochemicals. In exchange, South Korea agreed to open the market to bananas and clothing. South Korea is also working on a free trade agreement with Malaysia. It has already concluded agreements with Vietnam and Singapore. South Korea is currently an important trading partner of the Philippines. In 2006, South Korea was the country`s top visitor with more than half a million arrivals. The two governments have concluded different bilateral agreements, including the work permit system for workers.
Cooperation between the two countries in the areas of politics, security, economics, socio-cultural and development is expected to continue as both sides work to strengthen relations. South Korea and the Philippines have agreed to conclude negotiations for a free trade agreement (FTA) in the first half of 2020. A free trade agreement between South Korea and the Philippines will be concluded in 2020, the ministers said. The agreements are expected to promote cooperation on social security, tourism, culture and sport, as well as the much-anticipated Free Trade Agreement (FTA) between the two countries. South Korea is working on a free trade agreement with Cambodia. Trade between the two nations increased by 14.7 percent last year. Cambodia`s main exports to South Korea are clothing, electronics, footwear, luggage, aluminum, beverages, medical supplies and natural rubber. Imports from South Korea include trucks, bulldozers, scarves, mineral water, electronics and cosmetics. BUSAN, South Korea – The Philippines and South Korea signed five agreements Monday at the Westin Chosun Busan Hotel, following a bilateral meeting between President Rodrigo Roa Duterte and South Korean President Moon Jae-in. Negotiations on the PH-KR free trade agreement began in earnest in June 2019 to strengthen economic relations between the two countries and build on existing multilateral and regional agreements. The country has already concluded agreements with Indonesia, Vietnam and Singapore and is in the midst of negotiations with Cambodia and Malaysia.
– Joint statement by the Republic of the Philippines and the Republic of Korea on the rapid completion of the round of negotiations on the free trade agreement between the Philippines and Korea. The Comprehensive Regional Economic Partnership (RCEP) will include the ten ASEAN countries (Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam) and five of its main trading partners: Australia, China, Japan, New Zealand and South Korea. (India refused to participate. But Yoo Myung-hee, South Korea`s trade minister, and Ramon Lopez of the Philippines issued a joint statement to promote the agreement process and outlined the “early success package” ahead of a comprehensive free trade agreement between the Philippines and the Philippines in the first half of 2020. The Philippine government is moving forward with negotiations on its free trade agreement with South Korea, but the conclusion of the trade agreement was postponed until November as both sides addressed the coronavirus pandemic. Both leaders witnessed the signing of the agreements. Among the agreements signed were: they witnessed the signing of five agreements on trade and investment, infrastructure development, defence, education and tourism at the ASEAN and Korea Commemoration Summit: Joint Declaration of the Republic of the Philippines and republic of Korea on the rapid implementation of the package of negotiations on the free trade agreement between the Philippines and Korea.