PHL, South Korea launch free trade agreement negotiations

THE Philippines and South Korea have launched negotiations for a bilateral free trade agreement (FTA), officials said.

According to a June 3-dated joint statement issued in Seoul, the two countries agreed to work towards a resolution of talks by November, in time for the 2019 South Korea-Association of Southeast Asian Nations Summit.

“To this end, both ministers committed to conclude a comprehensive and future-oriented FTA, which will provide for, among others, not only greater market access for goods and services, and improved investment opportunities, but also collaboration in the fields of innovation as well as research and development to foster development of industries of the future,” according to the statement sent to reporters yesterday.

“Through this FTA, the two ministers aim to create more favorable conditions and substantial benefits to exporters, investors, industries, work force, and MSMEs (micro, small and medium enterprises) of their two countries,” it added.

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