S Korea pins high hope on FTA with Philippines
The South Korea-Philippines Free Trade Agreement (FTA), set to take effect next week, will help the former further bolster its trade portfolio and contribute to maintaining a stable supply chain, South Korean Minister of of Trade, Industry and Energy Cheong In-kyo said Thursday.
South Korean Minister of of Trade, Industry and Energy Cheong In-kyo (right) speaks at a meeting in Incheon, December 20, 2024. Photo courtesy of Yonhap.
Cheong made the remark during a conference with Korean business representatives, aimed at briefing them on ways to utilize the bilateral FTA, effective from December 31.
According to the minister, the two countries are expected to achieve a high level of market liberalization under the FTA, which will also foster investment and business exchanges, ultimately contributing to the stabilisation of the supply chain.
Under the agreement, South Korea and the Philippines will eliminate tariffs on 94.8% and 96.5% of products, respectively, effective immediately.
The FTA will also support South Korea in expanding automobile exports, as the 5% tariff on cargo trucks and passenger vehicles will be eliminated immediately, while tariffs on eco-friendly vehicles will be phased out within five years.
This is the fifth bilateral FTA that South Korea has signed with an ASEAN member, following those with Singapore, Vietnam, Malaysia and Cambodia.
South Korea already has an FTA with ASEAN as a whole but has been pursuing separate deals with individual member nations to deepen diplomatic and economic cooperation with these emerging economies.
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