Korean Commerce Minister Ahn Duk-geun, second from proper, and his Philippine counterpart, Alfredo Espinosa Pascual, second from left, shake arms after signing the Korea-Philippines Free Commerce Settlement in Jakarta, Indonesia, Sept. 7, 2023. Yonhap
Korea and the Philippines mentioned methods of enhancing cooperation Thursday on provide chains and such varied business sectors as shipbuilding and electrical automobiles primarily based on their envisioned bilateral free commerce deal, Seoul’s business ministry stated.
The dialogue was made in the course of the third financial and commerce cooperation committee assembly held by way of teleconferencing, in accordance with the Ministry of Commerce, Trade and Vitality.
It was attended by Korea’s Deputy Commerce Minister Yang Byeong-nae and Allan Gepty, assistant secretary of the Southeast Asian nation’s business ministry.
Throughout the assembly, the 2 sides vowed efforts for bringing into power their free commerce pact signed final yr swiftly.
They agreed to spice up cooperation on provide chains of key uncooked supplies and to proceed consultations for detailed measures.
Additionally on the desk was how one can work extra intently on the shipbuilding and offshore wind energy sectors, in addition to the Philippines’ growth of electrical buses and different eco-friendly automobiles.
The Philippines expressed hope for stronger ties with Korea about vitality safety and net-zero objectives, the ministry stated.
Two-way commerce got here to $13.7 billion final yr, with some 300 Korean corporations working within the Philippines, authorities knowledge confirmed. (Yonhap)
