FTA pact signed bet Ph, SoKor
By Nidz Godino
"I also witnessed signing of Philippines-Republic of Korea free trade agreement which clearly demonstrates shared commitment of both countries to their mutual economic growth and development," President Ferdinand Marcos Jr said in video posted on YouTube Philippines and South Korea have signed free trade agreement (FTA) expected to enhance their investment ties.
'Signing of FTA is testament to realization of many opportunities for complementation and collaboration between Philippines and South Korea and even greater milestone for our economic friendship," he stressed.
FMJ said deal would strengthen Manila's bilateral trade and investment relations with Seoul and is expected to generate jobs.
FTA would also contribute to Philippines' value proposition as ideal regional hub for smart and sustainable investments.
Free trade talks between Philippines and South Korea started in June 2019 and ended in October 2021.
In an earlier statement, trade department said FTA would make banana exports to South Korea in five years. Canned pineapples will be zero duty in seven years.
FTA is also seen to provide South Korea's vehicles and auto parts more access to Philippine market.
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