Tue. May 21st, 2024

    Manila, Philippines – President Ferdinand R. Marcos Jr. announced on Thursday that the Philippines is actively seeking to expand trade with South Korea, a move aimed at further strengthening the already robust relationship between the two nations.

    In an interview with the Maekyung Media Group at the Malacanan Palace, President Marcos emphasized the mutual benefits of increased exchange.

    “We are promoting the partnerships we have begun in the past to increase exchange, which will be mutually beneficial to both the Republic of Korea and the Republic of the Philippines,” he said.

    The President highlighted the longstanding ties between the two countries, which have been ongoing for 75 years.

    He described the partnership as very important for both nations and expressed optimism about the future of trade between the Philippines and South Korea.

    President Marcos is particularly hopeful about the ratification of a Free Trade Agreement (FTA) signed by the two countries.

    Despite pending approval from South Korea’s national assembly, the President believes the FTA, which could offer reduced tariff rates for Philippine products in the Korean market, will be ratified this year.

    “I think we will get it done. It’s important to us,” he told Maeil Business Newspaper Chairman and Publisher Chang Dae-Whan.

    In addition to the FTA, the Philippines is negotiating a separate future agreement with South Korea. The goal is to encourage the East Asian country to include more Philippine products in the reduced tariff list, providing them with duty-free access to its market.

    “There are many areas, the semiconductor, the automotive parts. Fruits, we’re already exporting many great fruits to Korea,” President Marcos said, noting that tropical fruits like avocados could have reduced tariff rates under the new agreement.

    The FTA is part of a broader policy aimed at reducing barriers to imports and exports among nations, allowing goods and services to be bought and sold across international borders with minimal government tariffs, quotas, subsidies, or prohibitions.

    By balita.news

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