SOUTH Korean President Yoon Suk Yeol’s visit to Manila next week is expected to boost security, economic, and development ties between both countries, according to Seoul’s Ambassador to the Philippines.
“President Yoon’s state visit epitomizes not only a celebration of past achievements but a forging of even greater partnership and opportunities,” South Korean Ambassador to the Philippines Lee Sang-hwa said in a statement on Thursday.
Mr. Yoon will meet with Philippine President Ferdinand R. Marcos on Oct. 7.
Last month, the Philippine Senate ratified the free trade agreement (FTA) between both countries, which is expected the pave the way for more exports of Philippine bananas and processed pineapples to Seoul.
The trade pact is still pending ratification at the Korean National Assembly.
This is the third FTA involving the Philippines and South Korea (SoKor), after the Korea-ASEAN FTA and the Regional Comprehensive Economic Partnership.
Last year, South Korea was the Philippines’ fifth-largest trading partner with total trade reaching about $12 billion, according to data from the Philippine Statistics Authority. Exports to South Korea last year were valued at $3.53 billion, while imports were at $8.49 billion.
“We are confident that the visit will serve to further strengthen our ties moving forward,” Senator Sherwin T. Gatchalian said in a statement. — John Victor D. Ordoñez
