The Philippines has formally signed a bilateral free trade agreement (FTA) with the Republic of South Korea, President Ferdinand ‘Bongbong’ Marcos Jr. announced.

In a video statement on Thursday, September 7, the President said he witnessed the signing of the pact on the sidelines of the Association of Southeast Asian Nations (ASEAN) Summit held in Jakarta, Indonesia.

“This clearly demonstrates the shared commitment of the countries to their future economic growth and development,” he said.

Department of Trade and Industry (DTI) Secretary Alfredo Pascual and South Korea’s Trade, Industry and Energy Minister Ahn Duk-Geun both signed the FTA.

Marcos said the FTA will strengthen the country's bilateral trade and investment relation with the Republic of South Korea.

He added that the pact will generate jobs for Filipinos, and contribute to the country’s “value proposition as an ideal regional hub for smart and sustainable investment.”

“The signing was a testament to the realization of the many opportunities for complementation and collaboration between the Philippines and South Korea and an even greater milestone for our economic friendship,” the President furthered.

In October 2021, the Philippines and South Korea concluded the negotiation on FTA.

The DFA earlier announced that the FTA will allow the country to export agricultural products like bananas to South Korea.

For its part, South Korea will import automotives to the Philippines.