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RoK, Philippines agree to accelerate RCEP conclusion

The Republic of Korea (RoK) and the Philippines have agreed to further expand economic cooperation and work together for an early conclusion of the Regional Comprehensive Economic Partnership (RCEP).
RoK, Philippines agree to accelerate RCEP conclusion ảnh 1RoK Minister of Strategy and Finance Kim Dong-yeon (L) holds a meeting with Philippine Finance Secretary Carlos Dominguez in Seoul on June 4, 2018 (Source: Yonhap)

Hanoi (VNA) – The Republic of Korea (RoK) and the Philippines haveagreed to further expand economic cooperation and work together for an earlyconclusion of the Regional Comprehensive Economic Partnership (RCEP).

In a meeting on June 4 with Philippine Secretary of Finance CarlosDominguez, RoK Minister of Strategy and Finance Kim Dong-yeon highly evaluated theSoutheast Asian country's massive infrastructure development projects,affirming that Seoul will actively support such projects through extended financialhelp.

The two ministers shared the view that bilateral trade should be furtherextended, and agreed to work together to accelerate the process of signing the RCEP,a proposed major trade deal between 10 members of the Association of SoutheastAsian Nations (ASEAN) and the six countries with which ASEAN has existing freetrade agreements, namely China, Japan, India, Australia, New Zealand and theRoK.

The meeting took place in the context that Philippine President RodrigoDuterte is paying a three-day visit to the RoK to boost defence-security andeconomic ties between the two nations. He is the first head of state from an ASEANmember country to visit the RoK since President Moon Jae-in took office in May2017.

President Duterte is scheduled to hold talks with his RoK counterpart MoonJae-in later on the day to discuss measures to elevate bilateral relations to anew height.

He also plans to meet with leaders of major RoK businesses to encourage themto become reliable partners, thereby contributing to the Philippines’ economicgrowth.

Two-way trade between the Philippines and the RoK reached 14.29 billion in2017, up 36.1 percent from the previous year.

Some 1.6 million tourists from the RoK visited the Philippines lastyear, while 450,000 Philippine holidaymakers toured the East Asian nation. Around68,000 Philippine people are living, working and studying in the RoK.-VNA
VNA
#Republic of Korea (RoK) #the Philippines #expand economic cooperation #early conclusion #Regional Comprehensive Economic Partnership (RCEP) #massive infrastructure development #ASEAN #defence-security #economic ties #vietnam plus. Vietnam News Agency Korea (RoK) Philippines
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