Korea-Philippines FTA Chief Representatives Video Meeting: "Strengthening Cooperation Post-COVID"

Yeohan-gu, Director General for Trade Negotiations, Ministry of Trade, Industry and Energy. (Photo by Yonhap News)

[Asia Economy Reporter Moon Chaeseok] Yeo Han-gu, Director General of the Trade Negotiations Office at the Ministry of Trade, Industry and Energy, held a virtual meeting with Ceferino Rodolfo, Deputy Secretary of the Philippine Department of Trade and Industry, as the chief representatives of the Korea-Philippines Free Trade Agreement (FTA), agreeing to strengthen cooperation between the two countries in the aftermath of the COVID-19 pandemic.

Both sides agreed that the Philippines is a key country in the New Southern Policy cooperation.

They reached a consensus that the Korea-Philippines FTA will serve as a catalyst to revitalize trade and investment between the two countries, which have been contracted due to COVID-19.

They noted that international cooperation and openness are the main drivers of global economic growth.

They agreed to strengthen trade and industrial cooperation between the two countries in the process of restructuring the global value chain (GVC) after COVID-19.

Earlier, on the 27th of last month, both sides agreed on the goal of promptly concluding negotiations during a virtual meeting between trade ministers.

On this day, Director General Yeo and Deputy Secretary Rodolfo agreed to pursue negotiations with a sense of urgency to achieve the goals agreed upon by their respective ministers.

They acknowledged that significant convergence of opinions has been achieved through five rounds of official negotiations so far, and agreed to make efforts to resolve differences between the two sides by holding intensive virtual meetings.

This content was produced with the assistance of AI translation services.