South Korea and the Philippines initiate their third round of FTA negotiations in Busan City on Aug. 12.
The Ministry of Trade, Industry and Energy of South Korea announced on Aug. 11 that the negotiations, which will continue for three days, will cover goods and services, investment, economic and technological cooperation, and general rules.
The two countries are aiming to sign their free trade agreement before the special ASEAN summit scheduled for November this year in Busan. In April this year, they agreed to move ahead with the FTA in commemoration of the 70th anniversary of their diplomatic relations.
For South Korea, the Philippines is the fifth-largest trade partner in the ASEAN region. Last year, their trade volume added up to US$15.6 billion.