FTA ‘significant instrument’ in boosting strategic PH-Korea ties: DFA

By Joyce Ann L. Rocamora, Philippine News Agency

FILE: The Department of Foreign Affairs Building along Roxas Boulevard in Pasay City, which used to be the headquarters of the Asian Development Bank. (Photo By Lawrence Ruiz, CC BY-SA 4.0)

MANILA – The Department of Foreign Affairs (DFA) welcomed the entry into force of the Philippines-Korea free trade agreement, seeing it as a significant instrument to further boost the two states’ new strategic partnership.

The deal officially took effect on Dec. 31, 2024, a year ahead of schedule.

“The implementation of this landmark agreement marks another milestone in Philippines-ROK (Republic of Korea) relations, which have been elevated to a ‘Strategic Partnership’ since October 2024,” the DFA said in a statement on Friday.

“The DFA looks forward to seeing the enduring collaboration between the Philippine and ROK Governments towards forging stronger economic ties, with the FTA as a significant instrument,” it added.

Under the FTA, South Korea will grant preferential duty-free entry on 11,164 Philippine products accounting for USD3.18 billion or 87.4 percent of total Korean imports from the Philippines.

Korean companies are also expected to contribute to the creation of quality jobs through expanded investments in advanced manufacturing, including automobiles, electronics, and energy.

The Philippine-Korea FTA was signed on Sept. 7, 2023, on the sidelines of the 43rd ASEAN Summit in Jakarta, Indonesia.