PH, South Korea FTA discussed

SPH, South Korea FTA discussed. Sen. Imee R. Marcos presides over the Committee on Foreign Relations hearing to discuss the Free Trade Agreement (FTA) between the Philippines and South Korea. During Thursday’s hearing, September 5, 2024, Marcos said the FTA aims to manage competitive exclusion in relation to the ASEAN competitors, encourage more foreign direct investment, and secure more preferential concession that is actually available under ASEAN or the Regional Comprehensive Economic Partnership (RCEP). “Among others, the country will secure preferential concession from South Korea on products of interest such as bananas and processed pineapples,” Marcos said. “According to the instrument of ratification, it is through the FTA that the Philippines will expand its network and encourage the entries of sustainable and high quality investment, and to encourage forward looking commitment on economic cooperation in priority areas such as industrial development, innovation, research and development, micro, small and medium enterprises (MSMEs), creative, and cultural industry,” she added. (Senate Public Relations and Information Bureau)