PHILIPPINES: South Korea Free Trade Deal Set to Be Signed in February

South Korea and the Philippines have successfully concluded talks on a bilateral Free Trade Agreement (FTA), which is expected to be formally signed in February next year. Under the terms of the deal, South Korea will lift tariffs on 94.8% of all Philippines-sourced products, while the Philippines will reciprocate by cutting duty on 96.5% of all items imported from South Korea.

The bilateral agreement will complement the existing trade treaties between the two nations, including the Association of Southeast Asian Nations (ASEAN)-Korea FTA and the recently concluded Regional Comprehensive Economic Partnership (RCEP). The deal is also expected to boost South Korean investment in the Philippines in line with its New Southern Policy.