Manila: President Ferdinand R. Marcos Jr. on Monday said he looks forward to the enhancement of the trade deal between the Association of Southeast Asian Nations (ASEAN) and South Korea, as negotiations to upgrade the ASEAN-Korea Free Trade Area (AKFTA) move forward. At the 26th ASEAN-South Korea Summit on Monday, Marcos said this 'timely step' will ensure that Seoul and ASEAN's partnership 'remains relevant in today's rapidly changing global economy.'

According to Philippines News Agency, the review of the AKFTA is an important signal of the shared determination to keep markets open and to push back against growing protectionist tendencies in the global economy. Marcos emphasized that this reaffirmation of ASEAN and Korea's commitment to transparency, fairness, and cooperation in trade is pivotal for both regions.

Meanwhile, Marcos welcomed South Korea's continued support in advancing micro, small, and medium enterprises (MSMEs) and startup development in the region. He specifically commended the initiatives of the ASEAN-Korea Centre, such as the annual ASEAN-Korea Startup Week, which provides a valuable platform for ASEAN startups to engage in networking and capacity-building activities with their Korean counterparts.

Marcos also expressed the Philippines' appreciation for Korea's initiatives that foster cultural exchange and people-to-people connectivity. He highlighted Korea's active support for ASEAN's environmental sustainability efforts, particularly through projects like Clean Air for Sustainable ASEAN (CASA) and the ASEAN-Korea Cooperation for Methane Mitigation (AKCMM). These initiatives, he noted, demonstrate a shared commitment to advancing the vision of a sustainable ASEAN Community.

Furthermore, Marcos expressed confidence that ASEAN and the Republic of Korea (ROK) will continue to collaborate to advance peace, prosperity, and security in the region, guided by a common goal of uplifting the lives of their peoples. Present during the summit was Korean President Lee Jae Myung.