Marcos: Stronger ASEAN, Korea cooperation needed to address 'tech gap'

VIENTIANE, Lao PDR — Amid the review on the free trade deal between the Association of Southeast Asian Nations (ASEAN) and Korea, President Ferdinand "Bongbong" Marcos Jr. on Thursday said the two parties should enhance cooperation in critical areas to bridge technological gaps.

"On trade, as we review and upgrade the ASEAN-Korea Free Trade Agreement (AKFTA), we must focus on strengthening our trade relations to ensure mutual growth and prosperity," Marcos said during the ASEAN-Korea Summit.

"By enhancing cooperation in critical areas such as technology transfer, capacity building, and innovation, Korea can help ASEAN member-states bridge the technological gap and accelerate their industrial development," Marcos added.

Marcos said the proposed upgraded AKFTA should not only facilitate greater market access, but also "foster a more inclusive and dynamic economic partnership that will be to the benefit of all parties involved, including our micro, small, and medium enterprises, unlocking new opportunities for our businesses and our people."

Innovation and entrepreneurship are crucial for long-term economic development, according to Marcos.

Meanwhile, the Philippines also reaffirmed the strong and steadfast support for the Republic of Korea's position for lasting peace, security, and stability in a denuclearized Korean Peninsula.

The Philippines and South Korea recently elevated their relations to strategic partnership.

Marcos announced this during the joint press statement with South Korean President Yoon Suk Yeol last Monday. The South Korean leader had a state visit in Manila early this week. — VDV, GMA Integrated News