PH, KOREA SIGN AGREEMENT TO BOOST FISHERIES SECTOR

For the first time, the Philippines and South Korea have agreed to collaborate in the development of their respective fisheries sectors following President Duterte’s second visit to the East Asian nation.

Agriculture Secretary William Dar and Minister Moon Seong-hyeok of the Korean Ministry of Oceans and Fisheries (MOF) signed a memorandum of understanding (MOU) last week for the promotion of fisheries trade and fishery-business investments as well as programs in aquaculture, a statement said.

Both the Department of Agriculture and the MOF would also pursue and promote scientific technical, economic and trade cooperation.

Dar said the Philippines was serious in its commitment to engage and strengthen bilateral relations with South Korea, being one of the leading food importers in the world.

Since 2016, exports of high-value seafood and fisheries products to South Korea is growing by an average of 17 percent, generating $28 million in earnings for the Philippines in 2018.

Among the major Philippine fishery exports to South Korea included tuna, abalone, sea cucumber, octopus, shrimps and prawns, seaweed and carrageenan.

The MOU is a takeoff from the first agriculture cooperation deal signed between the two countries in 2018 during the first official visit of the President in Seoul.

Other deals were made on social security, tourism cooperation and education.