Park, Aquino Agree to Boost Economic and Defense Ties

President Park Geun-hye and Philippine President Benigo Aquino III agreed, Thursday, to expand cooperation in defense and economy.

Following the summit, the two countries signed a memorandum of understanding (MOU) that calls for greater defense industry cooperation and exchanges.

Korea has been in talks with the Philippines to sign a deal to export a dozen indigenous FA-50 fighter jets, a variant of the T-50 Golden Eagle supersonic trainer. It is also seeking to export naval escort vessels to the Southeast Asian nation.

“The two leaders welcomed the signing of the MOU on defense sector cooperation and agreed to enhance defense sector cooperation,” Cheong Wa Dae said in a statement.

Aquino said he will try to ensure that defense industry cooperation with Korea will go smoothly, the office said.

Aquino, who arrived in Seoul for a two-day trip, is the first foreign leader to make a state visit since President Park took office, and the third to hold a summit here following the leaders of Uganda and Mozambique.

The two leaders also discussed ways to strengthen trade, agricultural and other economic ties and Park promised to actively provide the Philippines with official development...