The International Trade Council is pleased to recognize the signing of a free trade agreement (FTA) between the Philippines and South Korea during the ASEAN Summit in Indonesia. President Ferdinand Marcos Jr. announced this significant development, emphasizing its potential to strengthen investment relations and create employment opportunities.
President Marcos highlighted that the FTA underscores the shared commitment of both nations to mutual economic growth and development. He anticipates that this agreement will enhance bilateral trade and investment relations between the Philippines and the Republic of Korea while contributing to the Philippines’ attractiveness as a regional hub for intelligent and sustainable investments.
The International Trade Council acknowledges that this FTA represents a crucial milestone in the economic partnership between the two countries. It reflects the numerous possibilities for collaboration and economic cooperation between Manila and Seoul.
It is noteworthy that the Philippines and South Korea successfully concluded their negotiations on the free trade pact in 2021, setting the stage for this important agreement.
The International Trade Council continues to support initiatives that promote international trade and economic development, recognizing the positive impact they have on global commerce and cooperation.