Philippines and South Korea sign historic free trade agreement
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Bananas, which were previously excluded from the ASEAN-Korea FTA, are now included, providing a significant opportunity for Filipino exporters.
The Philippines and South Korea have signed a Free Trade Agreement (FTA) aimed at enhancing economic collaboration between the two nations.
This agreement, finalized during the 43rd ASEAN Summit in Jakarta, Indonesia, includes significant tariff reductions. South Korea will eliminate tariffs on approximately 94.8% of Philippine products, while the Philippines will remove tariffs on about 96.5% of South Korean goods.
The FTA covers various sectors, including trade in goods, trade remedies, rules of origin, customs procedures, trade facilitation, economic and technical cooperation, competition, and legal and institutional matters.
For the Philippines, the agreement is expected to boost exports of key products such as bananas, processed pineapples, other fruits, industrial goods, and services. Notably, bananas, which were previously excluded from the ASEAN-Korea FTA, are now included, providing a significant opportunity for Filipino exporters.
source: tradecouncil.org
photo: ifexconnect.com