MANILA – The Department of Foreign Affairs (DFA) has celebrated the activation of the Philippines-Korea free trade agreement, viewing it as a crucial tool in enhancing the newly established strategic partnership between the two nations. The agreement, which came into effect on December 31, 2024, a full year earlier than planned, is seen as a pivotal moment in the relationship between the Philippines and the Republic of Korea (ROK), especially since their partnership was upgraded to ‘Strategic’ status in October 2024. The DFA expressed optimism about the continued cooperation between the governments of the Philippines and ROK, emphasizing the role of the FTA in fostering robust economic connections. As part of the agreement, South Korea will provide duty-free access to 11,164 Philippine products, representing USD3.18 billion or 87.4% of its total imports from the Philippines. Furthermore, Korean businesses are anticipated to boost job creation through increased investments in sectors such as advanced manufacturing, automobiles, electronics, and energy. The agreement was formalized on September 7, 2023, during the 43rd ASEAN Summit held in Jakarta, Indonesia.
Philippines-Korea Free Trade Agreement: A Key Driver in Strengthening Strategic Ties
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