Metro Manila (CNN Philippines, September 7) — A free trade agreement (FTA) that is expected to boost investment relations and generate jobs was signed between the Philippines and South Korea on the sidelines of the ASEAN Summit in Indonesia, President Ferdinand Marcos Jr. announced on Thursday.
In his report on the Association of Southeast Asian Nations (ASEAN) Summit, Marcos said the signing of the FTA “clearly demonstrates the shared commitment of both countries to their mutual economic growth and development.”
“The FTA will strengthen our bilateral trade and investment relations with the Republic of Korea especially as it generates jobs and contributes to the Philippines’ value proposition as an ideal regional hub for smart and sustainable investments,” the president said.
The agreement is a significant step in the development of the two countries’ economic friendship, according to the chief executive, underscoring that it is also a testament to the many prospects for collaboration between Manila and Seoul.
