S. Korea to strengthen economic ties with the Philippines, possibly finalizing FTA

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Published on 21 Nov 2019, 8:41
한아세안 회담서 FTA 체결 비롯한 양국 관계 다지는 한-필리핀

South Korea's relationship with the Philippines goes back to the 1940s.
In fact, it was the first of the ASEAN countries to give South Korea diplomatic recognition.
Our Choi Jeong-yoon looks at where the two countries stand in trade... and how a new FTA could strengthen those economic ties.
Known for its picturesque beach resort of Boracay, the Philippines consists of more than 7-thousand-6-hundred islands.
Situated in the western Pacific Ocean, the islands are home to an estimated 105 million people, most of whom are Roman Catholics.
Increasing urbanization, a growing middle class and a fast-growing population of young workers,...the country’s economy ranks fifth in the ASEAN regional bloc and is the 38th largest in the world.
The Philippines has seen an average annual economic growth rate of 6-point-2 percent since 2010...and has a per capita income of 3-thousand one-hundred dollars.
It is considered a newly industrialized country, which has an economy in transition from one based on agriculture to one focusing more on services and manufacturing.
However, many Filipinos end up in low-end service jobs... with their average wages remaining stagnant.
To improve conditions, the local government is expected to continue its expansionary fiscal policy along with increasing international trade.
South Korea is one of the major trading partners of the Philippines.
Trade volume between the two reached 15-point-6 billion U.S. dollars last year.
Exports from the Philippines to Korea amounted around 3-point-5 billion dollars last year, with grains, industrial electrical machinery, and copper goods topping the list of main exports.
South Korea's exports to the Philippines last year were valued at 12 billion dollars with the main exports being semiconductors, petroleum products and automobiles.
Seoul and Manila are pushing to finalize a bilateral free trade agreement by the end of the year.
And they are likely to discuss education, social security and tourism during the upcoming KOREA-ASEAN commemorative summit.
If signed, the FTA with Korea will only be the Philippines' second-bilateral trade deal, following the Philippines-Japan Economic Partnership Agreement, which came into force in 2008.
Choi Jeong-yoon, Arirang News.

#FTA #Philippines #economic

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