S Korea-Philippines FTA to take effect on Dec 31

The FTA enters into force ‘a year ahead of schedule’, the embassy said in a statement.

Under the FTA, South Korea and the Philippines will eliminate tariffs on 94.8 per cent and 96.5 per cent of products, respectively, effective immediately.

“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,” it said.

South Korean trade minister Cheong In-kyo said the FTA will help the country further bolster its trade portfolio and contribute to maintaining a stable supply chain.

Cheong said the two countries are expected to achieve a high level of market liberalisation under the FTA, which will also foster investment and business exchanges, media outlets from South Korea reported.

This is South Korea's fifth bilateral FTA with a member of the Association of Southeast Asian Nations (ASEAN), after FTAs with Singapore, Vietnam, Malaysia and Cambodia. South Korea already has an FTA with the ASEAN bloc.

ALCHEMPro News Desk (DS)