Illustrative image (Source: businessmirror.com.ph)
The Republic of Korea (RoK) and the Philippines began the third round of negotiations on a bilateral free trade agreement in Busan city on August 12.
The RoK Ministry of Trade, Industry and Energy announced on August 11 that the negotiations, which will last three days, will cover goods and services, investment, economic and technological cooperation, and general rules.
In April, the two countries agreed to move ahead with the FTA talks in celebration of the 70th anniversary of their diplomatic relations.
The first and second rounds of talks were held in June and July, towards signing the deal before the Special ASEAN-RoK Summit scheduled for this November in Busan.
According to the ministry, the Philippines is the fifth largest trade partner of the RoK in ASEAN./.