Review of ASEAN-Korea Free Trade to ensure markets remain open, Marcos says

President Ferdinand ''Bongbong'' Marcos Jr. said Monday that the review of the ASEAN-Korea Free Trade Area (AKFTA) would ensure that markets will remain open, adding that this is to prevent the rising ''protectionist'' tendencies globally. 

''On the economic front, the Philippines welcomes the launch of the negotiations to upgrade the ASEAN-Korea Free Trade Area (AKFTA), a timely step in strengthening ASEAN-Korea economic ties and ensuring that our partnership remains relevant in today’s rapidly changing global economy,'' Marcos said during the 26th ASEAN-Republic of Korea Summit.

''The review of the AKFTA is an important signal of our shared determination to keep markets open and to push back against growing protectionist tendencies in the global economy,'' he added.

Marcos said that through this review, the ASEAN and ROK's commitment to transparency, fairness, and cooperation in trade was reaffirmed.

He also said the Philippines is elated with ROK’s continued support in advancing MSME and startup development in the region.

Marcos also praised the initiatives of the ASEAN-Korea Centre, such as the annual ASEAN-Korea Startup Week, which serves as a valuable platform for promising ASEAN startups to engage in networking and capacity-building activities with their Korean counterparts.

Last year, the Philippines and South Korea recently elevated their relations to a strategic partnership.—LDF, GMA Integrated News