The Market Monitor Minding the Nation's Business
The Philippines and South Korean governments have agreed to work together for the conclusion of Association of Southeast Asian Nations (ASEAN)-led trade pact, the Regional Comprehensive Economic Partnership (RCEP).
South Korea’s Minister for Trade, Industry and Energy (MOTIE) Joo Hyunghwan visited Manila recently and met Trade and Industry Secretary Ramon Lopez, wherein both discussed strengthening economic ties to advance the free flow of trade and investment in the region.
“DTI imparted to the South Korea side its priorities as chair of the ASEAN Economic Ministers’ Meeting, including the desire to conclude the Regional Comprehensive Economic Partnership, which will link ASEAN, an economic powerhouse with a market of 600 million people, to its six Dialogue Partners, creating a bigger market of 3.5 billion people,” DTI said in a statement.
Earlier, Lopez noted that the RCEP was eyed for conclusion during the country’s hosting of ASEAN summit this year.
RCEP targets a free trade agreement (FTA) in goods and services as well as liberalizing flow of investments among the 10 ASEAN member-countries and its gree trade agreement (FTA) partners including Australia, New Zealand, China, South Korea, Japan, and India.
Joo sought the country’s support to fast track the completion of ASEAN-Korea FTA (AKFTA) to boost economic ties between the two parties.
Through the AKFTA, which took effect in 2007, trade between ASEAN and South Korea has nearly doubled from $62 billion in 2006 to $119 billion in 2016.
Prior to Joo’s visit to Manila, the Korean trade minister went to Singapore to meet his counterpart Lim Hong Kiang last week. Likewise, Joo pursues stronger ties between ASEAN and the East Asian country under the AKFTA.