Trade and Industry Secretary Ramon Lopez encouraged Korean businessmen to increase investments in the Philippines and take advantage of robust domestic growth, especially now that a free trade deal is in the offing.
In his speech during the launch of the Korea-Asean FTA Support Center in Makati City, Lopez said the free trade agreement (FTA) with South Korea, which is targeted to be signed in November, will further expand trade relations between the two countries.
The trade chief said the deal will “open a new and enhanced market for Philippine products” like banana and other tropical fruits and increase market access for Korean automotive parts, among others.
“The deal will open a new and enhanced market for Philippine products.”
“Overall the proposed FTA enhances the two countries’ advantages towards mutual beneficial arrangements. Both Philippines and Korea are hopeful that we can complete negotiations by September just in time for the signing in November of this year,” the trade head said.
Once the said FTA is signed, it will be the second for the Philippines following its FTA with Japan.
He said the Korea Trade-Investment Promotion Agency (KOTRA) and the Korea-ASEAN FTA Support Center will play a big role in the realization of the free trade deal.
“The government is committed in its support for our free trade agreement with Korea and in the continuing good relations between our two economies,” Lopez said.
“Our continued collaboration will result in inclusive growth and shared prosperity for both our peoples.”
“Our continued collaboration will result in inclusive growth and shared prosperity for both our peoples,” he added.
KOTRA data show that volume of trade between the Philippines and South Korea reached $15.606 billion in 2018, up from the previous year’s $14.296 billion.
Both countries are the eighth top export destinations of each other’s products as of 2018, it added.