Philippines and South Korea have officially approved a free trade agreement (FTA) that will eliminate tariffs on a wide range of goods and services traded between the two countries. The agreement is expected to boost trade and investment between the two nations.
The National Economic and Development Authority (NEDA) Board approved an executive order (EO) implementing commitments under the free trade agreement (FTA) between the Philippines and South Korea . The EO will cover the country’s tariff commitments under the Philippines-Korea Free Trade Agreement (FTA), aiming to strengthen economic ties by removing barriers to market access, facilitating trade and investment flows and creating new investment opportunities.
\South Korea will grant preferential duty-free entry to Philippine products worth \$3.18 billion upon implementation of the FTA, accounting for 87.4% of South Korea’s imports from the Philippines. President Ferdinand Marcos Jr., who chairs the NEDA Board, approved the EO during the board’s 23rd meeting on Tuesday, December 17.
FREE TRADE PHILIPPINES SOUTH KOREA TARIFF ECONOMY
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