Approval granted by NEDA board for the Execution Order on the Philippines-South Korea Free Trade Agreement
Title: Philippines and South Korea firm up ties with new trade pact
Kick off: Took a step forward, y'all! Philippines and South Korea declared a new chapter in their partnership with the ratification of a Free Trade Agreement (FTA)! 🇵🇭🇰🇷
Details: The National Economic and Development Authority (NEDA) Board, headed by President Ferdinand Marcos Jr., greenlit an executive order implementing commitments under this groundbreaking FTA between the Philippines and South Korea. The agreement, signed in September this year, unleashes new opportunities for both countries 🔥
Trade boost: The FTA will do a whole lot of good, folks! It's all about easing market access, facilitating trade and investments, and creating fresh investment opportunities 📈💼. Get ready for more goods and services to flow between Manila and Seoul!
Tariff changes: As a result, South Korea will offer duty-free entry to almost $3.18 billion worth of Philippine goods, representing 87.4% of their imports from the Philippines. In return, the Philippines will scrap tariffs on around 96.5% of Korean products 🌍
Major agreements: The deal also covers specific provisions to expand the export of Philippine bananas and processed pineapples to South Korea. Notably, it aims to support Manila's efforts to stay competitive within ASEAN by securing better trade terms than those available under existing agreements
The new Free Trade Agreement (FTA) will open up opportunities in various sectors like finance, industry, and business between the Philippines and South Korea. This groundbreaking deal will provide easier access to markets, promote trade, and create numerous investment opportunities.
