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Manila Bulletin devider Philippines devider National devider Korean embassy hails FTA signing with PH

Korean embassy hails FTA signing with PH

Published Sep 8, 2023 04:14 am

At A Glance

  • The South Korean Embassy in the Philippines on Friday, Sep. 8, welcomed the signing of a free-trade agreement (FTA) between Manila and Seoul as it said the move would liberalize almost a 100 percent of both sides' markets.

The South Korean Embassy in the Philippines on Friday, Sep. 8, welcomed the signing of a free-trade agreement (FTA) between Manila and Seoul as it said the move would liberalize almost a 100 percent of both sides' markets.

In a statement, the embassy said the signing of the pact "is timely" and will serve as a "milestone" for the 75th year celebration of the Philippines-South Korea diplomatic establishment.

"Through the agreement, Korea and the Philippines will open the markets of 94.8 percent and 96.5 percent, respectively, for each other, thereby achieving a high level of liberalization," the embassy said.

"For instance, Korean cars and auto-parts are expected to enjoy benefits from the agreement, while the Philippines will gain greater access to the Korean market when it comes to agricultural products such as bananas and canned pineapple," it added.

On Thursday, Philippine and South Korean trade ministries signed an FTA that will scrap tariffs on Korean-made cars, green cars and auto parts as well on fishery and agricultural products that the Philippines will be importing.

The embassy believed that the move "is mutually beneficial" as it will serve as a bridge to fortify the framework of the two countries, in line with President Marcos' commitment to achieve shared economic growth and development.

"The Embassy anticipates the FTA to come into effect forthwith, thus providing additional momentum to Korea-Philippines relations​," it added.

Related Tags

Bongbong Marcos South Korean Embassy Philippines free trade agreement
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