Philippines, RoK set up strategic partnership

Philippine President Ferdinand Marcos Jr. (second from right) and his Korean counterpart Yoon Suk Yeol (second from left) at the signing ceremony of the Memorandum of Understanding in Manila on October 7, 2024. (Photo: Yonhap/VNA)

Hanoi (VNA) - President of the Republic of Korea (RoK) Yoon Suk Yeol and his Philippine counterpart Ferdinand Marcos Jr. on October 7 agreed to upgrade the two countries’ relationship to a strategic partnership, within the framework of his state visit to the Southeast Asian nation.

They reached a consensus on strengthening cooperation on economics and security, primarily by expanding the participation of Korean businesses in key infrastructure projects led by the Philippine government.

The two sides also signed a Memorandum of Understanding (MoU) to study the feasibility of restarting the Bataan nuclear power plant project in the Philippines, which has been on hold since 1984, thereby reinforcing the foundation for bilateral nuclear collaboration.

Regarding economic cooperation, the two countries agreed to promote practical cooperation that benefits their citizens and to effectively implement the RoK-Philippines free trade agreement signed in September 2023, so as to boost bilateral trade and investment.

Yoon emphasised that a significant outcome of their talks is the enhancement of strategic cooperation in the security field, with Seoul to actively participate in the modernisation of the Philippine military.

Additionally, the two countries signed another MoU on maritime cooperation to strengthen maritime security, including addressing issues such as transnational crime, exchanging information, and collaborating in search and rescue operations.

The leaders also stressed the importance of maintaining peace, stability, and security in the East Sea, upholding an international rules-based order, and ensuring navigation and aviation freedom based on principles of international law./.

VNA