MANILA, March 5 (Xinhua) -- The Philippines and South Korea have elevated their economic partnership through the signing of an upgraded memorandum of understanding (MoU), the Philippines' Department of Trade and Industry (DTI) said Thursday.
The MoU is aimed at expanding cooperation in trade, investment and economic cooperation at a time of rapid global economic shifts, the DTI said in a press release.
"By institutionalizing a more responsive and forward-looking cooperation mechanism, we are ensuring that trade and investment remain central pillars of a resilient and future-ready Philippine economy," DTI Secretary Cristina Roque said.
Under the enhanced framework, the two countries agreed to deepen cooperation in sectors such as automotive, shipbuilding, marine equipment, semiconductors, electronics and electrical equipment, mold and die, critical raw materials, energy, and the digital economy.
The MoU introduces operational enhancements, including the creation of a vice-ministerial or undersecretary-level ad hoc consultative body to address issues faced by businesses and investors. The mechanism is expected to provide a faster channel for resolving bottlenecks and facilitating smoother trade and investment flows.
The MoU was signed during this week's state visit by South Korean President Lee Jae Myung. ■
