The PH-KR FTA Negotiations was launched in June 2019 in Seoul, South Korea by Trade and Industry Secretary Ramon Lopez and MOTIE Minister for Trade Yoo Myung-hee, recognizing the potential of both countries to advance economic relations by enhancing trade and investment flow between them through, removal of impediments to closer trade and creation of business and investment opportunities. Both sides had the common goal to achieve a comprehensive and future-oriented FTA.
In negotiating the FTA, the Philippines’ objectives include securing improved market access for agricultural products such as bananas and other tropical fruits, as well as industrial products and other services. The FTA, once enforced, will be an important vehicle for improving the balance of trade with KR through enhanced trade flows, facilitating the movement of natural persons, and generating more investment opportunities and by extension, job generation possibilities.
PH and KR have signed the Early Achievement Package of the PH-KR FTA Negotiations in November 2019, which locked in a number of products that have already been offered by both sides at the time.
Both sides are currently undertaking legal scrubbing on the concluded chapter texts of the Agreement, namely: Trade in Goods, Trade Remedies, Customs Procedures and Trade Facilitation, Rules of Origin, Competition, and Chapters under Legal and Institutional Issues (i.e. General Provisions, Transparency, Institutional Arrangements, Final Provisions, Exceptions, and Dispute Settlement).
The only remaining issues to be resolved in order to conclude the FTA negotiations are on the Economic and Technical Cooperation Chapter; and Market Access for Goods.
For more details, contact the Bureau of International Trade Relations-Bilateral Relations Division (BITR-BRD) at brd@dti.gov.ph.