The Philippines-South Korea Free Trade Agreement (FTA) will come into force on December 31, 2024, immediately reducing tariffs on major products by 6 percent. This will provide a significant advantage to Filipino exporters, particularly the banana industry, which will see its tariffs decrease to zero over the next five years. Meanwhile, the Philippines is in the final stages of negotiations for a Comprehensive Economic Partnership Agreement (CEPA) with the United Arab Emirates, aiming for finalization in the first half of 2025.
The Philippines - South Korea Free Trade Agreement takes effect on Dec. 31, 2024, immediately reducing tariffs by 6 percent on major products, providing a significant advantage to Filipino exporters.
Over the next five years, the tariff rate for banana exports will be reduced to zero, giving the Philippines a competitive edge in the South Korean market. DTI Secretary Ma. Cristina Roque, meanwhile, provided updates on the Comprehensive Economic Partnership Agreement with the United Arab Emirates. Roque said that while CEPA is crucial, the Philippines continues to attract investments through other measures such as CREATE and additional investment incentives.
Free Trade Agreement South Korea Philippines Tariffs Banana Industry Comprehensive Economic Partnership Agreement UAE Trade Investment
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