The Department of Foreign Affairs (DFA) on Friday, Jan. 3, welcomed the entering into force of the Free Trade Agreement (FTA) between the Philippines and South Korea—a deal that it said will further elevate the two countries' relations.
"The implementation of this landmark agreement marks another milestone in Philippines-ROK (Republic of Korea) relations, which have been elevated to a 'Strategic Partnership' since October 2024," the agency said in a statement.
DFA said it is adding its voice to those that have already welcomed the free trade deal between the two countries and is hoping to see the "enduring collaboration" of the two sides "towards forging stronger economic ties, with the FTA as a significant instrument."
The FTA between the Philippines and South Korea took effect on Dec. 31, 2024 in a move that will unlock significant opportunities for both countries by fostering deeper trade and investment ties across key sectors, such as industry, agriculture, infrastructure, and energy.
Amid political chaos stemming from the impeachment of President Yoon Suk-yeol in South Korea, the DFA said the country's relations with its neighbor will remain "steadfast."