Phl-Korea free trade deal takes effect Dec. 31

The Philippines-Korea Free Trade Agreement (FTA), which is seen to significantly enhance market access for Philippine products in the Korean market, will take effect on Dec. 31.

- By PIA LEE-BRAGO

In a statement, the Korean embassy in Manila said the FTA would enter into force "a year ahead of schedule" and on the 75th anniversary of diplomatic ties between the Philippines and South Korea and the strategic partnership celebrated in October.

“The FTA will unlock significant opportunities for both countries. By fostering deeper trade and investment ties across key sectors such as industry, agriculture, infrastructure and energy, the agreement will pave the way for economic growth,” the embassy said.

With the FTA’s comprehensive scope covering 97 percent of imports, Philippine products like bananas and pineapples are expected to gain improved access to the Korean market.

Korean businesses are likely to invest significantly in the Philippines, focusing mainly on advanced manufacturing areas like automobiles, electronics and renewable energy.

“The FTA marks a major leap forward in bilateral relations, signaling a fresh chapter of cooperation between the two nations. With a detailed framework that covers 97 percent of imports, this agreement is anticipated to open doors to significant trade and investment opportunities in diverse sectors like agriculture, industry, infrastructure and energy,” the embassy said.