Philippines, South Korea sign free trade agreement

The Philippines and South Korea have signed the free trade agreement (FTA) to further enhance relations between the two nations, the Philippine president said.

"Well, the signing of the FTA is certainly a very big step in that regard. It can only be a successful arrangement for both our countries. I look forward to the expansion of the trade agreement between your country (South Korea) and mine," a government statement quoted Philippine President Ferdinand Marcos Jr. as saying on Thursday.

Marcos and his South Korean counterpart Yoon Suk-yeol witnessed the signing of the FTA on the sidelines of the 43rd Association of Southeast Asian Nations summit in Jakarta, Indonesia.

The Philippine president expressed hope that the FTA will extend beyond government-to-government collaborations and include private companies and private-sector partners.

Yoon, for his part, said the agreement is "another important milestone" in the two countries' bilateral relations.