The Palace on Sunday welcomed the completion of a deal between Philippines and Indonesia on the delimination of its exclusive economic zone ( EEZ) boundary.

In a statement, Presidential Spokesperson Salvador Panelo said the announcement of the completion of domestic requirements for the agreement was the highlight of the bilateral meeting between President Rodrigo Duterte and Indonesian President Joko Widodo at the sidelines of the 34th ASEAN (Association of Southeast Asian ) Summit in Bangkok.

Panelo said the development in the agreement signifies "a clear demonstration of the strong and tight bond between the Philippines and Indonesia, which incidentally are celebrating their 70th anniversary of formal diplomatic and bilateral relations."

He also explained that the agreement could serve as an antecedent or a legal basis in addressing maritime concerns and disputes in line with the United Nations Convention on the Law of the Sea (UNCLOS).

The deal will set boundaries on the waters surrounding the neighboring regions and will ensure safe and peaceful operation of fishing vessels within the countries' exclusive economic zone.

"In line with the independent foreign policy course that PRRD ( President Rodrigo Roa Duterte) charted for our country -- where we are friends to all and enemies to none -- we hope that this accord would serve as a benchmark for future agreements with other countries with shared or similar concerns as we continue to deepen cooperation with our strategic allies in the region," Panelo added. Cristina Eloisa Baclig/DMS