South Korea and the Philippines have announced the start of talks to bolster their economic partnership and expand bilateral trade and investment.

South Korea's Trade Ministry says Minister Yoo Myung-hee and her Philippine counterpart Ramon Lopez met in Seoul on Monday and signed an official statement indicating the launch of free trade agreement(FTA) negotiations.
 
The two agreed to finalize details of the agreement by November this year when Korea hosts a summit with the Association of Southeast Asian Nations(ASEAN), a regional intergovernmental organization which the Philippines belongs to.

This year also marks the 70th anniversary of the establishment of diplomatic ties between Seoul and Manila.

The Philippines is Seoul's fifth-largest trading partner among ASEAN member states, with bilateral trading volume exceeding 15-billion dollars in 2018. Trade Minister Yoo said that the proposed FTA will boost this number by eliminating both tariff and non-tariff barriers. 

The trade deal also coincides with the Moon Jae-in administration's so-called New Southern Policy, which aims to bolster ties with Southeast Asia.

The two countries will kick off the first round of negotiation in Seoul for two days beginning on Tuesday.