The leaders of South Korea and the Philippines have agreed to jointly target a finalized bilateral free trade agreement by the end of next year. 

President Moon Jae-in and his Philippine counterpart Rodrigo Duterte sat down face-to-face on the sidelines of the South Korea-Association of Southeast Asian Nations(ASEAN) summit that kicked off in the South Korean southern port city of Busan.  

Moon and Duterte on Monday addressed growing global economic uncertainties triggered in part by trade protectionism and discussed ways to find a new growth engine through the strengthening of economic cooperation between the two countries. 

They highlighted Seoul and Manila’s agreement to finalize negotiations for a bilateral trade pact on commodity trade sectors by the first half of next year and agreed to work together to finalize a deal within the next year. 

According to Seoul’s presidential office, the two also shared the consensus that conditions are ripe to further advance their 30 year bilateral relations.