PRESIDENT Ferdinand Marcos Jr. sees the ratification of the free trade agreement (FTA) between the Philippines and South Korea within this year, the Presidential Communications Office (PCO) said.
The PCO said Marcos made the announcement during an interview with Maeil Business Newspaper chairman and publisher Chang Dae- Whan in Malacañang.
The FTA is meant to reduce barriers to imports and exports between the two countries since goods and services can be bought and sold across international borders with little or no government tariffs, quotas, subsidies, or prohibitions.
“I think so. I think we will get it done. I think we will get it ratified …it’s important to us,” Marcos said as quoted by the PCO.
The President added: “I think one of the lessons we learned during the pandemic, and now after the pandemic, is how important trade is, not just to be wealthy…. but to have the things that you need, that your people need. So, that’s always the key for us and no country succeeded by cutting itself off.
Both the Philippine Senate and South Korea’s National Assembly are yet to ratify the FTA between the two countries.
Marcos also said the Philippines wants a separate agreement with South Korea to reduce the tariff on some Filipino products.
“We are negotiating a separate future agreement with the Republic of Korea to encourage them to allow some of our products to be included in the reduced tariff products. We also hope that we can negotiate with South Korea better terms,” he said.
“There are many areas, the semiconductor, the automotive parts. Fruits, we’re already exporting many great fruits to Korea,” he added.
The Philippines and South Korea will mark the 75th anniversary of diplomatic relations this year. (GMA Integrated News)
