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  Poster : admin     Date : 19-10-03 11:40     Hit : 471    
South Korea officially announced the start of
free trade agreement (FTA) negotiations with the
Philippines on June 3 as part of eorts to strengthen
economic ties with the Southeast Asian country.
During a meeting here, Trade Minister Yoo
Myung-hee and her Philippine counterpart
Ramon Lopez set the goal of completing the free trade
negotiations by November this year, in tune with
South Korea's summit with the Association of Southeast
Asian Nations (ASEAN) countries.
"By removing tariffs and non-tariff barriers, the
FTA will also further promote the economic cooperation
between the two countries," Yoo said.
Trade volume between the two has been expanding
sharply over the past years, reaching USD 15.6 billion
in 2018, up 67 percent from USD 9.3 billion posted
in 2010, according to Seoul's trade ministry.
South Korea already clinched FTAs with Vietnam
and Singapore, and is currently FTA talks with Malaysia
and Indonesia as well. If all talks under way are
successful, South Korea will have FTA deals with all of
its top ve trading partners in Southeast Asia.