The Philippine Senate announced that it has ratified the free trade agreement (FTA) with South Korea on 23 September 2024.
This follows after the Philippines and South Korea signed the FTA on 7 September 2023.
Under the FTA, South Korea will eliminate tariffs on about 94.8% of Philippine products, while the Philippines will remove tariffs on approximately 96.5% of South Korean products. The FTA includes a provision to facilitate greater exports of Philippine bananas and processed pineapples to Seoul.
Meanwhile, the Senate approved Resolution No. 1188 which aims to enhance the country’s economic competitiveness within the Association of Southeast Asian Nations (ASEAN) region through the FTA with South Korea.
The FTA seeks to attract more foreign direct investments and secure better trade concessions compared to existing agreements like the ASEAN-Korea Free Trade Agreement and the Regional Comprehensive Economic Partnership.
By expanding its FTA network, the Philippines aims to promote sustainable and high-quality investments, focusing on areas such as industrial development, innovation, research and creative industries.
