BBM pushes free trade pact with South Korea
President Marcos is optimistic that the Philippines and South Korea will ratify their free trade agreement (FTA) this year as he pushed for a separate deal to allow some Philippine products to have duty-free access to South Korea’s market.
He said the FTA, signed in September 2023 on the sidelines of the Association of Southeast Asian Nations summit in Indonesia, was very important for their trade relations, but the treaty is still awaiting ratification by both countries’ legislatures.
“I think we will get it done, I think we will get it ratified,” he said in an interview with Maeil Business Newspaper chair and publisher Chang Dae-Whan in Malacañang.
The FTA will remove tariffs on most products from the two countries and is seen to boost rapid growth in bilateral trade and promote the Philippines as a strong market for smart, sustainable investments.
South Korea is a valued trade and investment partner of the Philippines, ranking fourth in total bilateral trade worth $15.45 billion and sixth in total approved investments at $90.62 billion.
He added that the Philippines is pushing for a separate, future agreement with South Korea to encourage it to allow some Philippine products like tropical fruits, automotive parts and semiconductors to have duty-free access to South Korea’s market.
The President also highlighted the robust partnership between the Philippines and South Korea as the two nations mark 75 years of diplomatic relations this year.
“This has been a very important partnership for the Philippines and also for the Republic of South Korea. What we are now trying to do is to promote the partnerships that we have begun in the past so that the exchange between our two countries will increase and will be mutually beneficial to both the Republic of Korea and the Republic of the Philippines,” he said. INQ
