Marcos Jr. pushes for upgraded ASEAN-Korea FTA amid rising protectionism

President Ferdinand Marcos Jr. is pushing for an upgraded ASEAN-Korea Free Trade Area (AKFTA) to counter rising global protectionism and ensure open markets.

He described the negotiations to upgrade the AKFTA as a "timely step" to strengthen economic ties and maintain relevance in a changing global economy.

The President highlighted that the review signals a shared commitment to transparency, fairness, and cooperation in trade.

Trade between ASEAN and South Korea reached $187.1 billion in 2023, with ASEAN being South Korea's second-largest investment destination.

The Philippines and South Korea recently elevated their bilateral relations to a strategic partnership.