MANILA, Philippines — President Ferdinand Marcos Jr. on Friday mentioned that the Philippines is eyeing to broaden commerce with South Korea following a name with President Lee Jae Myung.
The Philippines and South Korea have a strategic partnership, an elevated type of diplomatic relations between the 2 international locations. This implies they’ve agreed to enhanced cooperation in a number of areas, together with commerce.
“Had a productive name with Republic of Korea President Lee Jae Myung to reaffirm our Strategic Partnership as we mark 76 years of diplomatic relations. We mentioned increasing commerce and funding, advancing improvement initiatives, infrastructure and people-to-people exchanges,” Marcos mentioned in a Fb submit.
“We additionally remarked that our Strategic Partnership is a chance to deepen and broaden relations,” he added.
Marcos additionally congratulated Lee for assuming the presidency. Lee is the South Korean president after Yoon Suk Yeol, who was impeached after declaring martial regulation in 2024.
The 2 heads of states exchanged help for the key chairships their international locations are set to carry, with South Korea to host the Asia-Pacific Financial Cooperation later in 2025 and the Philippines internet hosting the ASEAN Summit in 2026.
Marcos and Lee’s name happened on Thursday, August 14.
The Philippines and South Korea finalized a free commerce settlement in 2024, which can remove tariffs on Philippine bananas getting into South Korea by 2028.
South Korea benefited from the settlement with decrease tariffs on computerized autos, automotive elements and extra.
The Philippines has 5 strategic partnerships, specifically Japan, Vietnam, Australia, South Korea, and most not too long ago, India.