Korea, Philippines form 'strategic partnership' during Yoon's state visit

Home > National > Politics

Korea, Philippines form 'strategic partnership' during Yoon's state visit

Published: 07 Oct. 2024, 18:26 Updated: 07 Oct. 2024, 19:28

SEO JI-EUN
seo.jieun1@joongang.co.kr

Korean President Yoon Suk Yeol, left, and his Filipino counterpart, Ferdinand Marcos Jr., toast during a state luncheon at Malacanang Palace in Manila on Monday. [JOINT PRESS CORPS]

Korea and the Philippines upgraded their diplomatic relations to a "strategic partnership," marking 75 years of bilateral ties during President Yoon Suk Yeol's state visit to the Southeast Asian nation on Monday.

The two nations also agreed to strengthen cooperation in key areas such as nuclear power and security.

"The Philippines was the first Southeast Asian nation to establish diplomatic relations with Korea 75 years ago, and it sent the largest contingent of troops from Asia to fight alongside us during the Korean War," Yoon said in a joint press conference following his summit with Philippine President Ferdinand Marcos Jr. at Malacanang Palace in Manila. "Our relationship has been built on trust and solidarity forged in blood."

This marks the first elevation of diplomatic ties between the two nations since they established relations in 1949. Yoon’s state visit is the first by a Korean president to the Philippines in 13 years, following the administration of President Lee Myung-bak.

During Yoon's state visit, the two nations forged 20 MOUs, including those from the summit and a business forum held afterward.

Korean President Yoon Suk Yeol, left, and Philippine President Ferdinand Marcos Jr. issue a joint press statement after their talks at Malacanang Palace in Manila on Monday. [JOINT PRESS CORPS]

The two leaders signed a joint declaration announcing the elevated relations, which covered political, defense and security ties, as well as economic and development cooperation.

Before the joint press conference, the two leaders signed an MOU to conduct a feasibility study on reviving the long-dormant Bataan nuclear power plant.

Korea Hydro & Nuclear Power will dispatch personnel to the Philippines to assess the potential of the completed — but never used — plant, which has remained idle since the 1986 Chernobyl disaster. The plant's revival is seen as a solution to the Philippines' chronic power shortages, with the government requesting Korea’s assistance.

"The two leaders recognized the importance of nuclear power as a carbon-free energy source, and this MOU will strengthen the foundation for nuclear cooperation between our two countries," Yoon said. He noted that "Team Korea" will become the Philippines' top partner in nuclear energy, following similar agreements with the UAE and the Czech Republic.

"In view of Korea's successful experience in the nuclear industry, we have also signed an MOU for the feasibility study of Bataan Nuclear Power Plant," Marcos said. "This will carry out a thorough feasibility study to continue progress on the rehabilitation, which we envision will contribute to the energy security in the country."

Korean President Yoon Suk Yeol, left, on podium, and Philippine President Ferdinand Marcos Jr., right,on podium, attend a welcoming ceremony for Yoon at Malacanang Palace in Manila on Monday. [JOINT PRESS CORPS]

As part of the new strategic partnership, Korea will also provide $2 billion in funding through the Economic Development Cooperation Fund (EDCF) to support infrastructure projects in the Philippines. The EDCF, a government fund offering low-interest development assistance to emerging economies, will be used for major projects such as the Laguna Lakeshore Road Network and the PGN bridge project. Each project is valued at approximately $1 billion, making them the largest development cooperation efforts in the history of the EDCF, according to Yoon.

The two nations agreed to accelerate the implementation of the Free Trade Agreement (FTA) signed in September 2023, aiming to boost trade and investment. In a written interview with the Philippine Star, Yoon expressed optimism about the future of economic ties, stating that the FTA will "dramatically expand trade and investment" and "bring substantial benefits" to both countries' businesses and citizens once it comes into effect.

In terms of security, the two leaders condemned North Korea's provocations and its illegal military cooperation with Russia.

"President Marcos and I agreed that the international community cannot tolerate North Korea's nuclear development or its illegal military collaboration with Russia," Yoon said. "We will continue working together to ensure North Korea’s denuclearization and compliance with UN Security Council resolutions."

Korean President Yoon Suk Yeol, second from left, and his wife, Kim Keon Hee, pose with their counterparts, Ferdinand Marcos Jr. and Liza Araneta Marcos, prior to their luncheon at Malacanang Palace in Manila on Monday. [JOINT PRESS CORPS]

The two nations also called for maintaining peace and stability in the South China Sea, a region with ongoing territorial disputes between the Philippines and China.

"Both nations agreed to continue cooperating to establish a rules-based maritime order in the South China Sea and ensure freedom of navigation and overflight in accordance with international law," Yoon added.

The two countries pledged to enhance defense cooperation, such as expanding the Korean military's participation in joint exercises in waters near the Philippines and aiding the Philippines' three-phase military modernization program.

Additionally, both sides agreed to expand employment cooperation after successfully implementing the current Filipino nanny pilot program in Korea.

Following the summit, Yoon delivered a keynote speech at the Korea-Philippines Business Forum, attended by over 300 representatives from both nations' political and business sectors, including Samsung Electronics Executive Chairman Lee Jae-yong, Korean Air Chairman Walter Cho and LS Group Chairman Koo Ja-eun from the Korean side.

President Yoon Suk Yeol, fourth from left, front row, Filipino President Ferdinand Marcos Jr., fifth from left, and Samsung Electronics Executive Chairman Lee Jae-yong, far left, attend a Korea-Philippines business forum at a hotel in Manila on Monday. [JOINT PRESS CORPS]

After Manila, Yoon headed to Singapore on Monday afternoon for his six-day, three-nation trip to hold bilateral summits and attend Asean-related meetings.

BY SEO JI-EUN [seo.jieun1@joongang.co.kr]