Philippines seeks wider trade partnership with South Korea
MANILA, Philippines — President Ferdinand Marcos Jr. on Friday said that the Philippines is eyeing to expand trade with South Korea following a call with President Lee Jae Myung.
The Philippines and South Korea have a strategic partnership, an elevated form of diplomatic relations between the two countries. This means they have agreed to enhanced cooperation in several areas, including trade.
“Had a productive call with Republic of Korea President Lee Jae Myung to reaffirm our Strategic Partnership as we mark 76 years of diplomatic relations. We discussed expanding trade and investment, advancing development initiatives, infrastructure and people-to-people exchanges,” Marcos said in a Facebook post.
“We also remarked that our Strategic Partnership is an opportunity to deepen and expand relations,” he added.
Marcos also congratulated Lee for assuming the presidency. Lee is the South Korean president after Yoon Suk Yeol, who was impeached after declaring martial law in 2024.
The two heads of states exchanged support for the major chairships their countries are set to hold, with South Korea to host the Asia-Pacific Economic Cooperation later in 2025 and the Philippines hosting the ASEAN Summit in 2026.
Marcos and Lee’s call took place on Thursday, August 14.
The Philippines and South Korea finalized a free trade agreement in 2024, which will eliminate tariffs on Philippine bananas entering South Korea by 2028.
South Korea benefited from the agreement with lower tariffs on automatic vehicles, car parts and more.
The Philippines has five strategic partnerships, namely Japan, Vietnam, Australia, South Korea, and most recently, India.
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