Philippines and Korea have concluded negotiations paving the way for bilateral free trade agreement that would further liberalize trade in goods between the two countries, including gradual elimination of tariffs on Philippine bananas and canned pineapple exports and exports of Korean automobiles and autoparts.
The bilateral FTA, the third for the Philippines, was concluded two years after its launch in June 2019. Philippines and Korea also committed to complete all necessary domestic procedures towards the signing of the Korea-Philippines Free Trade Agreement in early 2022. He was evasive though on what the Philippines has given up in exchange for the tariff treatment on the country’s fruit exports. During the negotiations, South Korea was batting for zero duty on its automobiles and autoparts exports to the Philippines. The Philippines was also pushing for Korea to commit to invest in motor vehicle production in the country.
Once enforced, the FTA with South Korea will be an important vehicle for enhancing trade flows, and generating more investment and employment opportunities in the process.
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