South Korea and the Philippines are expected to sign next month an expanded free trade agreement to further boost the two countries flourishing commercial trading, according to South Korean Ambassador Han Dong-man.
Han made the disclosure to diplomats attending the Korea National Foundation Day Celebration and Armed Forces Day held at Makati Shangri-La Tuesday night.
He said that in 2018 trade volume between South Korea and the Philippines reached US$15.6 billion, an increase by 9.3 percent compared to the previous year.
“To expand our trade relations, negotiators from Korea and the Philippines are working hard to reach a deal on a free trade agreement between our two countries,” Han pointed out.
“We are now approaching the conclusion of the bilateral trade agreement, which is poised to be signed by the end of November,” he added.
Han cited the leadership of Trade Secretary Ramon Lopez for the expanding trade relations between South Korea and the Philippines.
“I am confident that this bilateral deal will further enhance our business ties and benefit both economies,” he said.
With regards to “people-to-people exchange, South Korea is the Philippine’ largest source of foreign tourist visitors,” he said.
In 2018, some 1.6-million Koreans visited the Philippines and “I made a promise to President Duterte to bring up this number to two million per year during my term” and asked the President “to ensure the safety and security of Korean people.”
Han also disclosed that he always asks Korean businessmen “whenever I meet them, invest, invest, invest in the Philippines in accordance with President Duterte’s Build, Build, Build program.”
On the other hand, many Filipinos are also visiting Korea as Korean entertainers such as K-pop, Korean food and K-cosmetics are well-known all over the Philippines.
Han cited the good relations between Korea and the Philippines the past 70 years, and thanked the Philippines for sending combat forces to Korea during the Korean War, one of was former President Fidel V. Ramos, who is a Korean War veteran.
He also lauded the late Gen. Carlos P. Romulo, who was then the President of the United Nations General Assembly, who encouraged UN members to send combat troops during the Korea conflict.