Published October 7, 2024
The nations’ leaders committed to deepening maritime cooperation on Monday, as they upgraded relations and agreed to closer coastguard ties
South Korean President Yoon Suk-yeol and Philippine President Ferdinand Marcos Jnr agreed on Monday to boost defence cooperation as their countries elevated ties to a strategic partnership amid growing security challenges in the region.
The pair also committed to deepening maritime cooperation and agreed to closer ties between their coastguards. Yoon said they will strengthen “tackling transnational crime, information sharing and conducting search and rescue missions.”
“We shared a common understanding about the importance of peace, stability and safety in the South China Sea,” Yoon told reporters after the bilateral meeting.
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SOURCE: www.scmp.com
RELATED: PH commits to trade pact with South Korea
Published October 7,, 2024
PRESIDENT Ferdinand Marcos Jr. on Monday committed to implement the Free Trade Agreement (FTA) with South Korea.
“We acknowledged the efforts of both sides to enhance bilateral trade, and we looked forward to implementing our free trade agreement that has been ratified and concurred [in] by the Philippine Senate,” Marcos said during his joint press conference with South Korean President Yoon Suk Yeol in Malacañang.
Yoon, who was in Manila for a two-day state visit, said the agreement will further boost trade and investment between the two countries.
“President Marcos and I agreed to work together in order to deliver tangible benefits to the citizens of both countries by stepping up our economic cooperation. To this end, we have committed to bringing Korea-Philippines FTA signed in September last year into force at the earliest date possible,” he said.
The pact is expected to give Philippine investors more access to South Korean markets.
It also aims to spur investments from South Korea into priority sectors, industries and emerging economic areas in the Philippines.
During the Philippine-Korea Business Forum organized by the Philippine Chamber of Commerce and Industry and the Federation of Korean Industries in Manila later in the day, the President said the FTA “prioritizes cooperation in sectors of mutual interest, such as electric vehicles, processing of critical minerals, pharmaceuticals, and creative industries.”
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SOURCE: www.manilatimes.net
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