The Korea-Philippine Free Trade Agreement (FTA) entered into force on 31 December 2024, as announced by the Korean Embassy in Manila on Monday, 30 December 2024.
Under the Free Trade Agreement (FTA), South Korea will eliminate tariffs on 94.8% of Philippine products, while the Philippines will lift tariffs on 96.5% of South Korean goods.
The FTA includes provisions aimed at boosting exports of Philippine bananas and processed pineapples to South Korea, fostering stronger trade ties between the two nations.
Earlier, Korea’s National Assembly approved the free trade agreement (FTA) with the Philippines on 14 November 2024. The Philippine Senate ratified the FTA with Korea (Rep.) on 23 September 2024. The FTA was signed by both nations on 7 September 2023.