Bilyonaryo - Business

PH-South Korea free trade deal eyed in first quarter of 2023

November 20, 2022

Bilyonaryo.com

Manila and Seoul aim to conclude discussions of their bilateral free trade agreement (FTA) by the first quarter of next year, according to the Department of Trade and Industry (DTI).

At the sidelines of the Asia Pacific Economic Cooperation (APEC) Summit in Bangkok, Thailand on Thursday (Nov. 17), DTI Secretary Alfredo Pascual and South Korea’s Trade, Industry, and Energy (MOTIE) Minister Ahn Duk-Geun had a bilateral meeting, in which the two trade executives reaffirmed their commitments to conclude the Philippines-South Korea FTA.

During the meeting, Pascual and Ahn eyed to sign the bilateral FTA in the forthcoming visit of President Ferdinand R. Marcos Jr. to South Korea in 2023.

Aside from reaffirming the FTA conclusion, Pascual and Ahn also discussed ways to boost economic relations between the Philippines and South Korea.

“The two ministers had a productive discussion on trade and investment issues, which is aimed to strengthen the bilateral relationship of the Philippines and South Korea. Likewise, both agreed to facilitate cooperation centered on research and development, renewable energy, and green technology,” the DTI said in a statement.

Data from the Philippine Statistics Authority shows that from January to September this year, Philippine exports to South Korea grew by 16.9 percent to $2.3 billion.

Philippine imports from South Korea reached $10 billion during the nine-month period, up 59 percent from last year’s imports of $6.3 billion.

For this year, South Korea is the country’s ninth largest export destination and the fourth biggest source of imported goods. (PNA)

Related News Tags: Department of Trade and Industry, free trade, PH-South Korea

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