President Rodrigo Duterte hailed on Tuesday the signing of the Philippines and Republic of Korea (ROK) free trade agreement, saying this will help in the recovery of the economy battered by the COVID-19 pandemic.
Duterte attended a virtual meeting of the Association of Southeast Asian Nations (ASEAN) for the second straight year amid the COVID-19 pandemic.
“The President welcomed the Joint Statement on Advancing ASEAN-ROK Cooperation and underscored the need for deeper regional integration to accelerate post-pandemic recovery,” Malacanang said in a statement.
“He welcomed the signing of the Philippines-ROK Free Trade Agreement today, which is needed for our economies to recover and bounce back,” it added.
The free trade negotiations between the Philippines and South Korea are seen to make the country’s exports to the East Asian nation competitive, the Department of Trade and Industry (DTI) said early Tuesday.
The Trade department said the final negotiations focused on market access for Philippine banana exports and for Korean automotive units and parts.
The ASEAN-ROK is one of the meetings held in the ongoing 39th ASEAN Summit on Tuesday.
During the 22nd ASEAN-ROK Summit, Duterte said the Philippines and ROK free trade agreement is “needed for the economies to recover and bounce back.”
Duterte also pushed for the ASEAN-Korea Free Trade Agreement and the early entry into force of the Regional Comprehensive Economic Partnership Agreement.
Meanwhile, he said that the ASEAN’s road to recovery from COVID-19 “will be long and difficult as the region is still reeling from the impact of the pandemic.”
Duterte underscored that ASEAN must ensure the phased and comprehensive implementation of the ASEAN Comprehensive Recovery Framework and called for the immediate establishment of the ASEAN Centre on Public Health Emergencies and Emerging Diseases.
He was joined by leaders from Cambodia, Laos, Vietnam, Singapore, Malaysia, Indonesia, Thailand and Brunei, host of the 38th and 39th ASEAN Summits and Related Summits.
The ASEAN meetings will run from October 26 to 28.—Richa Noriega/LDF, GMA News
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