PH, SoKor Conclude Free Trade Agreement Negotiations

Negotiations on a free trade agreement (FTA) between the Philippines and South Korea that will further boost trade relations between the two countries has been formally concluded.

Top trade officials from both countries spearheaded the talks, with Department of Trade and Industry (DTI) Secretary Ramon Lopez thanking his counterpart Minister Yeo Han-Koo for the collaboration for the FTA.

“We are glad that our trade negotiations with South Korea have come to fruition. We also thank Minister Yeo (Han-Koo) and the Ministry of Trade, Industry and Energy (MOTIE) for their continued collaboration in facilitating wider economic cooperation with our Philippine trade department,” Lopez said Tuesday.

Furthermore, the two countries discussed the duty-free exports of bananas to South Korea in five years, and duty-free exports of canned pineapples in seven years.

The talks will further boost the pineapple industry of the Philippines, as this development comes after Australia lifts its anti-dumping policy in canned pineapples against the Philippines under the new Asean-Australia-New Zealand Free Trade Agreement (AANZFTA).

The Philippines and South Korea negotiated for two years on the bilateral trade negotiations. (GFB)