The National Economic and Development Authority (Neda) Board greenlit the issuance of an executive order that would fulfill the Philippines’ commitments under its free trade agreement (FTA) with South Korea, putting the implementation of the deal on track despite the ongoing political turmoil in Seoul.
The Board, chaired by President Ferdinand Marcos Jr., backed the release of the upcoming EO, which will cover the Philippines’ tariff commitments under the FTA with Korea.
Signed in September 2023, Neda said the FTA aims to strengthen economic relations between the two countries by facilitating trade and investment flows, removing barriers to market access, and creating new business and investment opportunities.
Upon implementation of the agreement, Korea will grant preferential duty-free entry on 11,164 Philippine products, accounting for $3.18 billion or 87.4 percent of total Korean imports from the Philippines.
The Philippine Senate ratified the FTA earlier on September 23, while the South Korea parliament approved it just last month
Both sides are now scrambling to complete the requirements for the FTA before the year ends, unfazed by the recent political drama in Korea that saw the impeachment of its leader.
Source: Inquirer
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<p>Time: 2024 By: Ministry of Industry and Trade</p>
