President Yoon: "If the Korea-Philippines FTA is announced, trade and investment will expand dramatically"

President Yoon Suk-yeol, on a state visit to the Philippines, is delivering a greeting at a dinner meeting with compatriots held at the Peninsula Hotel in Manila, Philippines, on the afternoon of the 6th (local time).
[Image source=Yonhap News]

During his state visit to the Philippines, President Yoon Suk-yeol said in a written interview with the Philippine daily 'Philippine Star' on the 7th (local time), "The cooperation potential between the Philippines, which has a young and vibrant population structure and abundant resources, and Korea, which has high capabilities in manufacturing and advanced industries, is limitless."

President Yoon stated, "We will present a future vision that will elevate bilateral relations to a new level," and expressed hope to "further expand trade and investment, which have been the central axis of the development of bilateral relations."

In particular, President Yoon explained, "Once the Korea-Philippines Free Trade Agreement (FTA) comes into effect, trade and investment will expand dramatically." The governments of Korea and the Philippines signed the Korea-Philippines FTA last September.

President Yoon emphasized, "The two countries will strengthen cooperation in areas leading the development and changes of the global economic environment, such as critical minerals, energy, and digital sectors, evolving bilateral relations in a future-oriented manner."

Regarding the military modernization project being pursued by the Philippines, he explained, "Korea seeks mutually beneficial defense cooperation beyond simple defense exports, including technology transfer, education and training, and maintenance support," and expressed confidence that "defense cooperation between the two countries can contribute to the Philippines' establishment of self-reliant defense and the development of its defense industry."

On the issue of the South China Sea, he said, "It is a maritime route that plays a key role in Korea's energy imports and the transportation of import and export goods," and added, "Peace and stability in the South China Sea are essential for the shared prosperity of the Indo-Pacific region." He further stated, "We will continue to consistently support freedom of navigation and overflight in this sea area, as well as the importance of a rules-based maritime order."