‘We do not doubt that Philippines and Korea will maximize mutual benefits arising from implementing the FTA.’
South Korea's acting President Han Duck-soo addresses the nation in Seoul on 26 December 2024, amid an opposition-led impeachment motion.
AFP
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After the impeachment of South Korean Prime Minister and acting President Han Duck-soo by the National Assembly on Friday, the Department of Trade and Industry maintained that it does not see the political turmoil in Seoul to affect the implementation of the Philippines-Korea Free Trade Agreement (FTA) starting on 31 December.
According to Trade Undersecretary and Board of Investments managing head Ceferino Rodolfo, the FTA is officially ratified by both the Philippines and South Korea following the two country’s respective processes.
“And both sides have also notified each other and accepted the entry-into-force on 31 December 2024,” Rodolfo said in a Viber interview.
In a report by Nikkei on Friday, a total of 192 members of the National Assembly, South Korea’s legislature, voted in favor of the motion to impeach Han over a dispute involving the appointment of justices to the Constitutional Court, which is adjudicating Yoon’s impeachment.
Koreans back deal
“Moreover, we highlight that the agreement has broad base support in Korea. Despite President Yoon not having a control of Parliament, the KR legislators voted overwhelmingly in favor of the FTA approval received from 286 members, while only 3 opposed and 3 abstained,” he said.
The BoI official maintained full confidence in the maturity and strength of the democratic system and in the dynamism and strength of its economy.
“We do not doubt that Philippines and Korea will maximize mutual benefits arising from implementing the FTA,” he said.
The bilateral FTA with South Korea is projected to boost market access for tropical fruits, especially bananas and processed pineapples.
Under the FTA, exports of key Philippine products to South Korea, including fresh bananas will enjoy zero tariffs within five years.
Other agricultural products from the Philippines that gained preferential market access to Korea through the FTA are yellow fin tuna, processed pineapple, pineapple juice, prepared or preserved oysters, fresh blue crabs, fresh guavas, fresh papaws or papaya, canned sardines, and fresh tilapia.
Beyond agricultural trade, the agreement will strengthen economic cooperation to attract investments in forward-looking sectors such as critical minerals processing and electric vehicles and parts manufacturing.
For industrial products, menswear and other apparel goods such as trousers, shirts, jackets, and blazers also gained preferential market access to Korea.
