Manila – South Korea is set to ratify its free trade agreement with the Philippines soon, as conveyed by Korean Ambassador to the Philippines Lee Sang-hwa. During a reception at his residence in Makati, Lee expressed South Korea’s eagerness to enhance trade and investment with the Philippines. He mentioned that the Senate of the Philippines has assured him of its concurrence in ratifying the deal soon.
According to Philippines News Agency, the Philippines classifies the Philippine-Korea FTA as a treaty, necessitating legislative concurrence following executive ratification. Lee stated, “Korea will ratify the agreement soon, and I’ve been assured by the Philippine Senate to do the same soon.” He emphasized that the agreement is a win-win, set to boost trade and investment between the two countries.
Lee also mentioned South Korea’s commitment to supporting the Philippines’ efforts to improve its business environment. Under the FTA, South Korea will lift tariffs on 94.8 percent of Philippine products, while the Philippines will open its market to 96.5 percent of Korean products. The agreement will result in the immediate elimination of tariffs on South Korean cars and a gradual removal of tariffs on car parts over five years. Additionally, tariffs for Philippine bananas and processed pineapples will be progressively eliminated.
The FTA, signed last September, followed more than a year of negotiations concluded in October 2021, including legal scrubbing of the deal’s texts. As the two nations approach 75 years of diplomatic relations in 2024, Lee expressed hopes for South Korea to become a key partner in the Philippines’ renewable energy initiatives, focusing on high-efficiency clean energy sources like nuclear power and hydrogen technology. Collaboration in critical minerals is also anticipated.
Moreover, Lee highlighted South Korea’s interest in supporting the modernization of the Armed Forces of the Philippines, citing Korea’s extensive experience and readiness as a cooperative partner in this area. In line with South Korea’s Indo-Pacific Strategy, Lee stated that Seoul aims to play a stronger role in upholding a rules-based order in the region, prioritizing partnerships with countries like the Philippines that share core values such as freedom, democracy, human rights, and the rule of law.
