PH, South Korea ink free trade agreement: Marcos
The Philippines and South Korea have inked a free trade agreement (FTA) on the sidelines of the 43rd ASEAN Summit in Indonesia, President Ferdinand Marcos Jr. confirmed on Thursday after his bilateral meeting with South Korean President Yoon Suk Yeol.
The FTA, which was being negotiated long before the COVID-19 pandemic, is expected to cut tariffs for select products to zero to boost commerce between the two parties.
“The FTA will strengthen our bilateral trade and investment relations with the Republic of Korea especially as it generates jobs and contributes to the Philippines’ value proposition as an ideal regional hub for smart and sustainable investments,” Marcos Jr. said in a recorded video statement.
“The signing of the FTA is a testament to the realization of the many opportunities for complementation and collaboration between the Philippines and South Korea, and an even greater milestone for our economic friendship,” he said.
Read more: https://news.abs-cbn.com/business/09/07/23/ph-south-korea-ink-free-trade-agreement-marcos