In a move expected to bolster ties with the Southeast Asian nation and help diversify Seoul's trade portfolio,  South Korea has signed a free trade agreement with the Philippines,  the Trade Ministry said on Tuesday.

Trade Minister Yeo Han-koo and his Filipino counterpart, Ramon Lopez, were to announce the conclusion of the bilateral Free Trade Agreement and sign their joint statement during a virtual meeting set to be held in the day, according to the Ministry of Trade, Industry and Energy. Both the sides started negotiations in June 2019, and had held five rounds of official talks before reaching the agreement, according to reports

It is South Korea's fifth bilateral free trade deal with Association of Southeast Asian Nations member countries, after Singapore, Vietnam, Malaysia, and Cambodia. "The agreement is expected to help boost our access to the young, dynamic market," the Ministry said in a statement.

South Korea has signed an FTA with the Association of Southeast Asian Nations, but has sought to also clinch separate free trade deals with member nations, mainly after launching the so-called New Southern Policy in 2017 aimed at deepening diplomatic and economic cooperation with the regional bloc. Manila agreed to lift barriers for South Korean cars and auto parts, which is expected to help South Korea secure competitiveness in the market, the ministry said.

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