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The Philippines-South Korea free trade agreement may be signed in October, according to a trade oficial
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The free trade deal centers on banana exports and processed pineapples, which currently carry a 30% tariff
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An FTA with the Northeast Asian country could bring in between P150 billion and P200 billion worth of investments for the Philippines in the first three years after its signing, said Trade Undersecretary Ceferino Rodolfo
The Philippines-South Korea free trade agreement (FTA) may be signed in October with the Department of Trade and Industry expecting to receive signing authority from President Ferdinand Marcos, Jr. this month.
Manila’s interest in an FTA with South Korea mainly centers on exporting bananas and processed pineapples, which are currently levied a 30% tariff.
Trade Undersecretary Ceferino Rodolfo said an FTA with the Northeast Asian country could bring in between P150 billion and P200 billion worth of investments for the Philippines in the first three years after its signing, particularly in the processed agricultural goods and the electric vehicle sector.
“It’s finished…The legal document itself has a Korean and English version. Those are both equally valid,” Rodolfo said.
The two countries began discussing the FTA in June 2019 and concluded negotiations in October 2021.
UAE, India FTAs
Meanwhile, formal discussions with the United Arab Emirates (UAE) and India will finally begin this year, said Rodolfo.
He said the terms of reference for the FTA with UAE has been completed and discussions expected to convene within the year to move the discussions forward.
The DTI official said the Philippines saw the UAE as a market for the country’s halal-related products, tropical fruits, garments, and high-end finished consumer goods like luxury watches, belts and other leather products.
For India, Asia’s third-largest economy, Rodolfo said they were also expecting the terms of reference for the FTA to be completed within the year.
