PH-SoKor FTA to conclude in the next few weeks – DTI
The Philippine-Korea Free Trade Agreement (PH-KR FTA) is in its final stage and could be concluded within the next few weeks, said Department of Trade and Industry (DTI) Undersecretary Ceferino S. Rodolfo.
During a European-Philippine business summit, Rodolfo stated that they are hoping that the FTA between both countries can be done in time for the ASEAN-Korea summit at the end of October.
The two Asian nations first agreed to pursue FTA back in 2019 to improve market access for goods and services. The current FTA is expected to help develop high-end cars that will be more competitive than European vehicles.
After the conclusion of the PH-KR FTA, Rodolfo added that the Philippines is interested in closing another FTA with Europe, a digital trade deal with the US, and a preferential trade agreement with India.
