South Korean leader Lee Myung-bak and President Benigno Aquino III discuss trade and investment and hold a bilateral meeting when the Lee comes for a state visit to the Philippines, the Department of Foreign Affairs said Monday.
The meeting between Aquino and President Lee is part of preparations for creating an Asia-Pacific free trade zone, the department said in a statement.
President Lee’s state visit to the Philippines takes place from Nov. 20 to 22.
The bilateral meeting will focus on where the Philippines and South Korea can “…
further enhance the rapidly growing relations between the two countries," said Foreign Affairs Secretary Albert del Rosario.
Moving forward, Lee and Aquino will also discuss latest measures and developments on trade in the Asia Pacific Economic Cooperation (APEC) in which the Philippines and South Korea are members.
The 21-member APEC countries are now engaged in a meeting in Hawaii on establishing a free trade area in the region — part of global efforts to realize the Doha Development Agenda in the World Trade Organization.
Del Rosario noted South Korea as an important trading partner and source of foreign tourists to the Philippines.
"The Republic of Korea also counts among the Philippines’ leading trade, investment and development partners, particularly in the fields of agriculture and infrastructure," said Del Rosario.
Part of President Lee’s Philippine agenda is a discussion with President Aquino on how their respective countries can benefit from the free trade agreement among members of the Association of Southeast Asian Nations which groups Brunei, Cambodia, Indonesia, Malaysia, Myanmar, Laos, Philippines, Singapore, Thailand, and Vietnam.
The Philippine and Korean Chambers of Commerce and Industry is also holding a dialog between Lee and leaders of the Korea-Philippines Business Forum.
A dialog with students and faculty of the Ateneo de Manila University is also on Lee’s agenda, as well as a state dinner hosted by President Aquino. — VS
