On Thursday, South Korea and the Philippines officially signed a free trade pact after two years of negotiations, according to the Ministry of Trade, Industry and Energy. The agreement is expected to improve bilateral economic and industry ties between the two nations.
The Free Trade Agreement (FTA) will result in South Korea removing tariffs on 94.8 percent of all items and the Philippines lifting tariffs on 96.5 percent of all products traded.
The signing ceremony was held in Jakarta and attended by South Korean Trade Minister Ahn Duk-geun, Philippine counterpart Alfredo Espinosa Pascual, South Korean President Yoon Suk Yeol, and Philippine President Ferdinand Bongbong Romualdez Marcos.
The FTA is South Korea’s fifth bilateral free trade deal with an Association of Southeast Asian Nations (ASEAN) member nation, after Singapore, Vietnam, Malaysia and Cambodia. It is expected to come into force in the first half of next year.
The agreement is anticipated to serve as a foundation for future-oriented collaboration between the two countries in various areas such as autos, natural resources, healthcare, culture, and e-commerce.
South Korean Trade Minister Ahn Duk-geun (R, front) and his Philippine counterpart, Alfredo Espinosa Pascual (L, front), shake hands after signing the South Korea-Philippines Free Trade Agreement in Jakarta on Sept. 7, 2023, with South Korean President Yoon Suk Yeol (R, back) and Philippine President Bongbong Marcos in attendance. (Yonhap)
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