South Korea and the Philippines have agreed to push for a bilateral free trade agreement with the goal of reaching a deal by November. 

South Korea’s Trade Minister Yoo Myung-hee and Philippine Trade and Industry Secretary Ramon Lopez announced the move in a joint statement in Manila on Wednesday, vowing to work together to produce outcomes with the South Korea-ASEAN special summit slated for November as a momentum. 

The Philippines is South Korea’s fifth largest trade partner among the members of the Association of Southeast Asian Nations(ASEAN). 

South Korea’s exports to the Philippines amounted to 12 billion dollars last year, up from seven-point-three billion dollars in 2016, and imports were three-point-six billion dollars.