2023-09-07 12:44:08
Presidential economic diplomacy
Fifth signing ceremony with ASEAN member countries Participated by 19 people including Eui-sun Ju, Kwang-mo Koo, Dong-bin Shin, etc.
President Yoon Seok-yeol, who is visiting Indonesia, continued economic diplomacy, such as the Korea-Philippines Free Trade Agreement (FTA) signing ceremony and the Korea-Indonesia Business Roundtable (BRT) on the 7th.
On this day, President Yoon attended the FTA signing ceremony held at the Langham Hotel in Jakarta with Philippine President Ferdinand Marcos Jr. At the signing ceremony, he witnessed the official signing of the FTA between Deok-geun Ahn, head of the trade negotiations division at the Ministry of Trade, Industry and Energy, and Alfredo Espinosa Pascual, Minister of Trade and Industry of the Philippines.
The Korea-Philippines FTA is the fifth bilateral FTA with ASEAN (Association of Southeast Asian Nations) member countries following Singapore, Vietnam, Cambodia and Indonesia. The government gives meaning to the fact that this FTA has completed a huge FTA network that covers 91% of the ASEAN market.
It is expected that the two countries will achieve a high level of openness once the FTA takes effect after completing the procedures such as ratification by the National Assembly. Choi Sang-mok, Senior Secretary to the President for Economic Affairs, said, “With the addition of the Korea-Philippines FTA following the existing Korea-ASEAN FTA and the Regional Comprehensive Economic Partnership (RCEP), the Philippines will eliminate tariffs on 96.5% of all items and Korea will eliminate 94.8% of tariffs.” he explained.
President Yoon then attended the Korea-Indonesia Business Roundtable and ordered active collaboration between the companies of the two countries. President Yoon said, “Indonesia, where about 2,000 Korean companies are active, is a key partner for the Korea-ASEAN Solidarity Initiative and Indo-Pacific Strategy.” The potential for cooperation with Korean companies is high.”
The BRT was attended by 19 businessmen from Korea, including Chung Eui-sun, chairman of Hyundai Motor Company, Kwang-mo Koo, chairman of LG, Dong-bin Shin, chairman of Lotte, and Ja-eun Koo, chairman of LS. On the Indonesian side, 17 businessmen, including the chairman of the Indonesian Chamber of Commerce, Al-Shad Rasjid, and Minister of Maritime Investment Coordination Luhut Panzaitan and Minister of Health Budi Sadikin were seated. With the BRT as an opportunity, 16 business agreements (MoUs) or contracts were signed in the fields of core minerals, nuclear power plants, new city construction, health care, and electric power.
Reporter Koh Hye-ji
1694105258
#Signed #KoreaPhilippines #FTA.. #Completion #giant #ASEAN #FTA #Network