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South Korea and the Philippines have agreed to set up a joint committee to
further improve their economic and trade relations, the Seoul government said
Thursday.
A memorandum of understanding (MOU) for the establishment of
a joint economic cooperation committee was signed Thursday in Manila, the
Ministry of Knowledge Economy said in a press release.
"With signing
of the MOU, the two countries have established a mutual, strategic partnership
for economic cooperation and they have also agreed to set up a joint cooperation
committee," it said.
The ministry said the committee will work to
increase cooperation and exchanges between the countries in trade and investment
sectors.
The Philippines has been growing steadily and significantly
over the past few years with its economy estimated to have expanded 6.5 percent
in 2012, according to the ministry.
Bilateral trade has also been
growing with the amount rising from US$7.2 billion in 2009 to $10.6 billion in
the first 11 months of 2011, it said.