MANILA – The Philippines is exploring greater economic engagements with South Korea as trade leaders of the two countries met at the sidelines of the 55th ASEAN Economic Ministers (AEM) summit held in Semarang, Indonesia.
According to the Department of Trade and Industry (DTI), Trade Secretary Alfredo Pascual met with Minister Dukgeun Ahn of the Ministry of Trade, Industry and Energy of the Republic of Korea (ROK) as both ministers welcomed the conclusion of the PH-ROK Free Trade Agreement negotiations.
Both Ministers also agreed to work for the signing, preferably at the sidelines of the 24th ASEAN-Republic of Korea (ASEAN-ROK) Summit this coming September.
DTI said that Pascual and Ahn are expected to work on a possible supply chain resilience cooperation to ensure stability and predictability of business operations, particularly in the manufacturing sector.
Both Ministers are also considering organizing a Business Forum to further boost trade and investment relations between the two countries, just in time for the celebration of the 75th Anniversary of Philippines-Korea diplomatic relations.
