Phl tropical fruits to enter ROK market after FTA ratified

The recent ratification of the Free Trade Agreement (FTA) between the Philippines and the Republic of Korea (South Korea) will boost the country’s marketing of tropical fruits, President Ferdinand "Bongbong" Marcos Jr. touted on Friday.

The FTA between the two countries was ratified on 14 November, which will bolster the marketing of Filipino tropical fruits such as bananas and pineapples in Korean communities.

During the ceremonial turnover of the Korean Partnership for Innovation of Agriculture (KOPIA) Greenhouse and Postharvest Facilities in Lucban, Quezon, Marcos expressed gratitude to the Korean government for its unwavering support of the Philippine economy.

“We are also thankful to the Republic of Korea for the overwhelming support of your National Assembly for the ratification of our FTA, which came much earlier than we had expected,” he said.

Marcos said the FTA would enhance trade relations between the two countries and grant better market access for Philippine agricultural products.

“The agreement is a milestone in strengthening ties and fostering mutual economic growth,” he added, stressing how partnerships like these have “contributed to advancing sustainable development in the Philippines.”

“You have reinforced our call for a brighter and more sustainable future for all,” Marcos told the Korean government.

Marcos underscored the importance of the FTA as a symbol of the strong partnership between the two nations, which has consistently aimed to promote economic stability and agricultural innovation.

“This milestone signifies another step forward in the Philippines’ commitment to enhancing global trade relations and supporting the agricultural sector’s growth,” he added.

This year marks the 75th anniversary of diplomatic relations between the Philippines and South Korea, established on 3 March 1949.

Both countries have maintained bilateral relations with decades of cooperation and shared goals.

In 2023, South Korea was the Philippines’ fifth top trading partner, fifth export destination out of 205, and fourth-largest import source out of 220.