MANILA, June 3 (Xinhua) -- The Philippines and South Korea agreed on Monday to conclude the negotiations of a comprehensive and future-oriented free trade agreement (FTA) by November this year.
The Philippines and South Korea announced that negotiations on a bilateral trade agreement between the two countries were officially launched in Seoul on Monday.
Philippine Trade Secretary Ramon Lopez represented the Philippines while South Korean Trade Minister Yoo Myung-hee represented South Korea, the Department of Trade and Industry of the Philippines said.
At the launch, Lopez said both countries "recognized the potential to advance economic relations by enhancing trade and investment flow between them through removal of impediments to closer trade and creation of business and investment opportunities."
"Today's event was borne on the back of a number of meetings between our leaders and officials that had served to convey our mutual interest for an FTA," Lopez said in a statement.
For the Philippines, he said the FTA means "We can achieve improved market access for our agriculture products such as banana, pineapple, and mangoes as well as industrial products and other services."
Lopez said both countries "are working on better reciprocity of tariff rates and market access of our agricultural and industrial products to improve the balance of trade with South Korea."
He said his counterpart, Yoo, conveyed that the FTA "is a significant step forward to a stronger economic partnership" between the two countries. Yoo also noted that the Philippines "is a very important trade and investment partner for South Korea," Lopez added.
"Both ministers committed to concluding the negotiation of a comprehensive and future-oriented FTA by November 2019," Lopez said, adding the FTA "will create favorable conditions for exporters, investors, industries, workforce, as well as the micro, small, and medium enterprises (MSME) of both countries."
At the sidelines of the launch of the FTA negotiations, Lopez said the first meeting of the Philippines-South Korea Joint Commission on Trade and Economic Cooperation (JCTEC) also took place.
"The JCTEC is equally important as it will tackle a broader perspective of economic cooperation between the two countries," Lopez added.
