NextGen Day

The Department of Trade and Industry (DTI) stated on Friday that Manila and Seoul hope to wrap up negotiations on their bilateral free trade agreement (FTA) by the first quarter of next year in order to sign the trade treaty.

On Thursday, November 17, DTI Secretary Alfredo Pascual and South Korea’s Trade, Industry, and Energy (MOTIE) Minister Ahn Duk-Geun met bilaterally on the sidelines of the Asia Pacific Economic Cooperation (APEC) Summit in Bangkok, Thailand. During their discussion, the two trade officials reaffirmed their commitment to completing the FTA between the Philippines and South Korea.

Pascual and Ahn discussed signing the bilateral FTA during President Ferdinand R. Marcos Jr.’s upcoming trip to South Korea in the first quarter of 2023.

Pascual and Ahn also talked about strategies to improve business ties between the Philippines and South Korea in addition to reiterating the FTA agreement.

“The two ministers had a fruitful conversation about trade and investment problems with the goal of enhancing their countries’ bilateral ties. Both also committed to facilitating cooperation in the areas of R&D, renewable energy, and green technology, according to a statement from the DTI.

DTI Undersecretary Ceferino Rodolfo and MOTIE Deputy Trade Minister Jeong Dae-jin met last October 18 for the second Joint Commission for Trade and Economic Cooperation prior to the meeting of the two countries trade chiefs (JCTEC).

Philippine exports to South Korea increased from January to September of this year by 16.9% to USD 2.3 billion from USD 1.96 billion during the same period in 2021, according to data from the Philippine Statistics Authority.

Philippine imports from South Korea totaled USD 10 billion in the first nine months of 2022, up 59% from USD 6.3 billion in the same period last year.

South Korea is the nation’s fourth-largest source of imports and its ninth-largest export market for this year.

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