Delays in ratification of trade deal with South Korea to hurt PH, says Think Tank
The Philippines-based think tank Stratbase ADR (Albert del Rosario) Institute on Friday urged lawmakers to ratify the free trade agreement (FTA) between Manila and Seoul the soonest, citing lost economic opportunities from further delays.
“We call for the immediate ratification of the [Philippines-Republic of Korea Free Trade Agreement]. Every day of delay risks the Philippines losing valuable trade opportunities, particularly in sectors where Korean investments could significantly boost economic growth,” Stratbase ADR Institute president Dindo Manhit said during a security forum at the Fairmont Hotel in Makati.
President Marcos announced the signing of the FTA in September last year, or five years since both governments initiated a reboot in negotiations.
The Department of Trade and Industry had said more than P170 million worth of locally produced agricultural goods, including bananas and processed pineapple, would be sent to South Korea annually under the FTA.
Trade Undersecretary Ceferino Rodolfo had said the current 30-percent import tariff levied on Philippine bananas would be reduced annually until it becomes zero on the fifth year of effectivity of the FTA.
The current 36-percent tariff on processed pineapples would also be gradually lowered in a span of seven years, he added.
Prioritize negotiations
Korea Foundation president Kim Gheewhan expressed optimism the FTA would be ratified soon.
“Economically, bilateral trade between our two countries reached over $13 billion last year. The Korea-Philippines free trade agreement was signed last year on top of Korea-Asean free trade. It is to be ratified soon, I hope, soon this year,” he said during the same security forum.
“The Philippines, as a great maritime power in the region, is a vital partner for Korea to cooperate with in pursuing Indo-Pacific strategy and Korea-Asean solidarity initiative,” he added.
Manhit also urged both sides to prioritize the negotiations and signing of the Joint Declaration on the Strategic Partnership between the Philippines and South Korea. an agreement for defense cooperation in case of threats within their respective borders.
“Both nations face similar threats, with the Korean Peninsula and the West Philippine Sea serving as critical flashpoints for regional conflict,” Manhit said, adding:
“These ongoing security concerns underscore the need for both countries to work more closely in addressing their shared vulnerabilities and ensuring regional stability.”
