South Korean President Yoon Suk Yeol on Monday vowed to collaborate with the Philippines in promoting a market-driven economy and achieving mutual prosperity between the two countries.
“Korea and the Philippines will continue to join forces to uphold the values of democracy and market economy, and obtain mutual prosperity through cooperation,” President Yoon said.
President Yoon made the remarks during the Philippine-Korea Business Forum organized by the Philippine Chamber of Commerce and Industry and the Federation of Korean Industries in Manila.
The South Korean President made a state visit to the Philippines, coinciding the 75th anniversary of the bilateral ties between the two countries this year.
Significant agreements were signed at the Malacañan Palace, including the formal elevation of the diplomatic ties to strategic partnership between the two nations.
“My fellow business leaders, this gathering is of great significance. I hope that we can build a deeper friendship and widen cooperation [by] taking this opportunity,” the South Korean leader said.
President Yoon said the Korean-ASEAN Free Trade Agreement (FTA) and the Regional Comprehensive Economic Partnership (RCEP) enabled them to expand its trade in the Philippines.
He said the expansion made them the fifth largest trade partner of the Philippines. | PND
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