South Korea and the Philippines have made tangible progress in free trade talks concerning commodity trade.

Trade Minister Yoo Myung-hee and her Filipino counterpart Ramon Lopez signed a joint statement on Monday in the southern port city of Busan, a sign that the two sides achieved substantial progress toward concluding a free trade agreement.

Since the launch of free trade talks was declared in June, four official rounds of negotiations have taken place.

Through the joint statement, both sides committed to further advancing negotiations with the goal to conclude a deal by the first half of next year. 

A South Korean official said the two sides also affirmed their will to expand trade, investment and economic cooperation on the occasion of the 70th anniversary of diplomatic relations.