AS the Philippine Senate is poised to ratify the Philippine-South Korea free trade agreement, both countries are now working on another agreement to start cooperation on critical minerals. Senate has already approved on second reading the bilateral Philippine-South Korea FTA Thursday.
AS the Philippine Senate is poised to ratify the Philippine-South Korea free trade agreement, both countries are now working on another agreement to start cooperation on critical minerals.
“We are already working as an implementation of the FTA on an MOU on strategic critical minerals cooperation. We are already laying down the activities so that we can bring more Korean investments to the Philippines for value addition to our minerals,” Trade and Investment Undersecretary Ceferino Rodolfo said during the Stratbase ADR Institute forum Friday.
Rodolfo said most of the tariff lines between the Philippines and Korea have already been reduced prior to the FTA, primarily due to the Asean-Korea FTA and Regional Comprehensive Economic Partnership . The DTI official noted that the Philippines is the world’s top supplier of nickel—the mineral used for electric vehicles. However, only 25 percent of these nickel are processed in the Philippines through Japanese firm Sumitomo Metals. After processing in the Philippines, the nickel is then exported to Japan and then sold to Tesla in the United States.
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