Philippines-Korea Free Trade Agreement Enhances Strategic Partnership: DFA

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 strengthening the newly established strategic partnership between the two nations. The agreement, which came into effect on December 31, 2024, a year earlier than planned, is seen as a pivotal development in the relationship between the Philippines and the Republic of Korea (ROK), which was upgraded to a ‘Strategic Partnership’ 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 percent of its total imports from the Philippines. Additionally, Korean firms are anticipated to boost job creation through increased investments in sectors such as advanced manufacturing, automobiles, electronics, and energy. The FTA was formalized on September 7, 2023, during the 43rd ASEAN Summit in Jakarta, Indonesia.