The Korea-Philippines Free Trade Agreement (FTA) is set to officially kick off on December 31, 2024, the South Korean Embassy in Manila announced.This development aligns perfectly, according to the embassy, with the 75th anniversary of diplomatic ties between the two countries and the strategic partnership celebrated in October.The FTA marks a major leap forward in bilateral relations, signaling a fresh chapter of cooperation between the two nations.
With a detailed framework that covers 97% of imports, this agreement is anticipated to open doors to significant trade and investment opportunities in diverse sectors like agriculture, industry, infrastructure, and energy, as stated in the South Korean Embassy's announcement.Philippine goods, especially bananas and pineapples, are expected to gain improved access to the thriving Korean market. In return, Korean businesses are likely to invest significantly in the Philippines, focusing mainly on advanced manufacturing areas like automobiles, electronics, and renewable energy.This wave of investment is projected to create quality jobs and stimulate growth in the Philippine economy.Ambassador Lee Sang-hwa, the Korean Ambassador to the Philippines, highlighted the importance of this FTA during his speech. 'The launch of the Korea-Philippines FTA signals the beginning of a new chapter in our strategic partnership,' he remarked.He credited the faster implementation of the agreement, arriving a year early, to the dedication shown by both nations. 'The FTA’s prompt launch is a clear indication of our shared commitment,' he added.In addition to economic advantages, the FTA is set to pave the way for collaboration in progressive areas such as healthcare, carbon reduction, cutting-edge technologies, and electric vehicle initiative