Seoul, Manila announce FTA negotiations
상태바
Seoul, Manila announce FTA negotiations
  • Lee Jun-yeop
  • 승인 2019.06.03 17:54
  • 댓글 0
이 기사를 공유합니다

South Korea officially announced the start of free trade agreement (FTA) negotiations with the Philippines on Monday as part of efforts 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 here."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 US$15.6 billion in 2018, up 67 percent from $9.3 billion posted in 2010, according to Seoul's trade ministry.South Korea's exports to the Philippines reached $12 billion in 2018, up 13.6 percent from a year earlier. The Southeast Asian country is South Korea's fifth-largest trading partner among the ASEAN countries.

Semiconductors, petrochemical goods and automobiles were among major export products. In return, South Korea mostly imports agricultural products from the Philippines, the ministry said.

Aside from its FTA with ASEAN, Seoul has been seeking to sign separate deals with individual members for more detailed and customized trade terms.

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 five trading partners in Southeast Asia.(Yonhap)


댓글삭제
삭제한 댓글은 다시 복구할 수 없습니다.
그래도 삭제하시겠습니까?
댓글 0
댓글쓰기
계정을 선택하시면 로그인·계정인증을 통해
댓글을 남기실 수 있습니다.
주요기사