RoK, Philippines intensify economic ties

During her visit to the Philippines, RoK Trade Minister Yoo Myung-hee met her Philippine counterpart, Ramon Lopez.

At their talks, the two ministers agreed to negotiate on a free trade agreement (FTA) with the goal of finalising the details in time for the summit between the RoK and the Association of Southeast Asian Nations (ASEAN) this November.

Among ASEAN members, the Philippines is the RoK's fifth-largest trading partner. The bilateral trading volume between the two came to USD15.6 billion in 2018.

Earlier, the RoK signed FTAs with with Vietnam and Singapore, and is currently conducting free trade negotiations with Malaysia and Indonesia./.