PH, Korea to firm up free-trade deal
BUSAN, SOUTH KOREA—THE Philippines and South Korea signed on Monday a preliminary document for a free trade agreement (FTA), and bilateral deals on social security, tourism, education and fisheries. President Duterte said the two countries shared “solidarity and mutual aid” and invited South Korean President Moon Jae-in to make a state visit to the Philippines for the signing of the FTA.
BUSAN, SOUTH KOREA—THE Philippines and South Korea signed on Monday a preliminary document for a free trade agreement (FTA) that is expected to be made definitive by 2020, as well as bilateral deals on social security, tourism, education and fisheries.
President Duterte and South Korean President Moon Jae-in sat down for bilateral talks in this port city south of Seoul, ahead of the opening of the 2019 Association of Southeast Asian Nations-republic of Korea Commemorative Summit.
Good timing
Mr. Duterte invited Moon to make a state visit to the Philippines next year, setting the stage for the formal signing of the awaited FTA between the two countries, Trade Secretary Ramon Lopez told reporters.
Lopez signed on behalf of the Philippines the “early achievement package” committing to further negotiations on the FTA.
“President Duterte invited President [Moon] for a state visit next year, so that will be good timing for the signing of an FTA. As you know we had to complete a few things,” he said on the sidelines of the bilateral meeting.
Foreign Secretary Teodoro Locsin Jr. signed on behalf of the Philippines the agreement on social security with South Korea, while Tourism Secretary Bernadette Romulo-puyat signed the tourism deal.
The agreement on fisheries and education were signed separately.
Lopez, who led a business delegation, said 10 to 12 top South Korean companies had committed to invest in the Philippines.
“Some are present while some are expanding. The President said they were welcome,” he said.
Mr. Duterte assured the Koreans
of the same protection accorded to foreign investors, including “ease of doing business, no delay in permits, full guarantee on their return of investments and remittances.”
In his opening speech during the bilateral meeting, Mr. Duterte hailed Manila’s strong ties with Seoul.
“Solidarity and mutual aid have been the hallmark of our ties since 1950. It touches us that this remains so,” he said.
He thanked South Korea for donating $100,000 for the victims of last month’s earthquakes in Mindanao, a sign, he said, of the warm bonds between the two nations.
‘Strategic partnership’
“I assure you that the Philippines will continue to find common cause and purpose with the Republic of Korea toward enhancing our bilateral engagement and promoting peace and stability in your region,” Mr. Duterte said.
In response, Moon said the time was ripe to elevate the relationship between the two countries into a “strategic partnership.”
“Based on our history of friendship and trust, the time is right for our countries to think about elevating our relations to a strategic partnership,” Moon said.
“The elevation of our relations will pave the wave for our countries to engage in greater cooperation that will lead us to common prosperity,” he added.