- Korea, Philippines launch free trade negotiations in Seoul 2019-06-03
Trade Minister Yoo Myung-hee (right) and the Philippines’ Secretary of Trade and Industry Ramon M. Lopez signed a joint declaration to launch negotiations for a free trade agreement between Korea and the Philippines at a ceremony held in Seoul on June 3.
During the event, Trade Minister Yoo said the Korea-Philippines FTA will provide opportunities for both countries to significantly expand their trade and investment. She emphasized that by removing tariffs and non-tariff barriers, the bilateral pact will play a key role in promoting economic cooperation.
In celebration of the 70th anniversary of bilateral relations, she expected that the Korea-Philippines FTA will reconfirm their friendship and serve as a foundation for establishing a future-oriented partnership.
The two countries plan to conduct swift negotiations with an aim of producing results by November, when the Korea-ASEAN Summit 2019 is set to take place in Busan.
The first official meeting for negotiations between the two sides after the launch is scheduled to take place in Seoul from June 4 to 5. Both sides agreed to discuss various areas of interest, including goods, services, and investment.