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

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 cha dong-young
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 pure Chi
the Philippine consists of more than 7600 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 original block and is the 38th largest in the world the
Philippines has seen an average annual economic growth rate of 6.2% since 2010
and has a per capita income of $3,100 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 15.6 billion u.s. dollars last year exports from the Philippines to
Korea amounted around 3.5 billion dollars last year with grains industrial
electrical machinery and copper goods topping the list of main exports
South Korea’s exports the Philippines last year were valued at 12 billion
dollars with the main export swing 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 jong-eun News

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