FTA boosts Phl-SoKor trade
In 2022, South Korea ranked fourth in terms of total bilateral trade with the Philippines, valued at $15.45 billion, and sixth in total approved investments, at $90.62 million.
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Daily TribuneIn 2022, South Korea ranked fourth in terms of total bilateral trade with the Philippines, valued at $15.45 billion, and sixth in total approved investments, at $90.62 million.
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After several delays, Philippine exports to South Korea will soon enjoy preferential tariffs following the signing of a free trade agreement, or FTA, between the two countries.
Trade Secretary Alfredo Pascual and his Seoul counterpart, Ahn Duk Geun, signed the Philippine-South Korea FTA during the ASEAN-Korea Summit on Thursday in Indonesia.
"The Philippines" engagement with South Korea is built on trade through market access, economic cooperation, and investments through collaboration in targeted sectors such as critical minerals and supply chains," Pascual said.
He said the FTA would boost the Philippines' position as an export hub and a strong market for sustainable investments, particularly in manufacturing.
In 2022, South Korea ranked fourth in terms of total bilateral trade with the Philippines, valued at $15.45 billion, and sixth in total approved investments, at $90.62 million.
President Ferdinand Marcos Jr. witnessed the signing of the agreement. He later expressed his elation over the deal to South Korean President Yoon Suk Yeol on the sidelines of the 43rd ASEAN Summit.
"Well, the signing of the FTA is certainly a very big step in that regard. It can only be a successful arrangement for both our countries. I look forward to the expansion of the trade agreement between your country and mine," President Marcos told Yoon.
"When I look at the involvement of Korea and the Philippines, I can say that the relationship between our two countries remains vibrant. And I think it is accelerating. I would like to take this opportunity to deepen that relationship," he said.
President Yoon responded in kind to Marcos, saying the deal "will set another important milestone" for the two countries.
The South Korean leader also talked about a plan to expand opportunities for overseas Filipino workers under his country's "employment permit system."
