· Joint Statement by the Republic of the Philippines and the Republic of Korea on the Package on the Early Implementation of the Negotiations on the Free Trade Agreement between the Philippines and Korea. It was signed by Minister of Commerce and Industry Ramon Lopez of the Republic of the Philippines and Minister of Commerce Yoo Myung-hee of the Republic of Korea representing South Korea and the Philippines confirmed that the two nations will strive to conclude negotiations on a free trade agreement (FTA) early next year. Negotiations on the PH-KR FREE TRADE AGREEMENT began in earner in June 2019 in order to strengthen economic relations between the two countries and build on multilateral and regional agreements already in force. South Korea is also working on a free trade agreement with Malaysia. It has already concluded agreements with Vietnam and Singapore. The two leaders witnessed the signing of the agreements. Among the agreements signed, the Philippine government is advancing negotiations towards concluding its free trade agreement with South Korea, but the conclusion of the trade agreement has been postponed until November as both sides have addressed the coronavirus pandemic. South Korea is working on a free trade agreement with Cambodia. Trade between the two nations grew by 14.7% last year. Cambodia`s main export products to South Korea are clothing, electronics, shoes, luggage, aluminum, beverages, medical accessories and natural rubber. Imports from South Korea include trucks, bulldozers, wipes, mineral water, electronics and cosmetics.
The country has already concluded agreements with Indonesia, Vietnam and Singapore and is in the midst of negotiations with Cambodia and Malaysia. In the Philippines, two monuments about the Korean War bear witness to the long-standing ties between the two countries: the PEFTOK Memorial in Manila and the Maricore Monument in Marikina City, where our soldiers trained before being deployed to South Korea. The agreements aim to strengthen cooperation in the fields of social security, tourism, culture and sport, as well as the long-awaited free trade agreement between the two countries. BUSAN, South Korea (4) — The Philippines and South Korea signed five agreements on Monday, following a bilateral meeting between President Rodrigo Roa Duterte and South Korean President Moon Jae-in at the Westin Chosun Busan Hotel. South Korea is currently an important trading partner of the Philippines. In 2006, South Korea was the country`s best visitor shipper with more than half a million arrivals. The two governments have put in place various bilateral agreements, including the employment authorization system for workers. .