PH, ROK TO ESTABLISH JOINT COMMISSION FOR TRADE AND ECONOMIC COOPERATION.
PH, ROK TO ESTABLISH JOINT COMMISSION FOR TRADE AND ECONOMIC COOPERATION. Philippine (PH) Trade and Industry Secretary Ramon Lopez signed a Memorandum of Understanding (MOU) with Republic of Korea (ROK) Trade, Industry, and Energy Minister Ungyu Paik to establish a mutually beneficial and strategic trade and economic partnership between the two countries through a Joint Commission for Trade and Economic Cooperation (JCTEC). The JCETC will cover cooperation on the areas of trade and investment, industry and industrial technology, especially automobile as well as mold and die. It will also lead activities of cooperation through exchange of information related to trade, economic relations, relevant laws, regulations, and policies for the benefit of the two countries. Likewise, it will also prepare proposals for the bilateral cooperation and relations. The MOU signing was held in the presence of Philippine President Rodrigo Duterte and South Korean President Moon Jae-in during the bilateral meeting between the two governments on 4 June 2018.