Delay in the legal scrubbing of the English text of the Philippines-Korea free trade agreement (FTA) has pushed back the target for its signing in November, in time for the Asean summit.
Ceferino Rodolfo, undersecretary of the Department of Trade and Industry (DTI) in a text message said the initial forecast of having the English text initialed by both parties by end July did not materialize.
Rodolfo expressed hope the text can finally be initialed this month then move for signing by November.
“Hopefully it can be timed with an Asean meeting where our leaders can witness the signing by the ministers,” Rodolfo said.
Rodolfo added aside from the delay in the legal scrubbing, the agreementhas yet to go through the Korean Parliament before it is signed. In the Philippines, the process is to sign the deal first before Congress ratification.
Negotiations on the FTA were concluded in October 2021 more than two years after they started in June 2019.
It faced some delays over certain provisions with final negotiations focusing on market access for Philippine banana exports and for Korean automotive units and parts.
The Philippines secured tariff elimination for bananas and an improved tariff treatment for processed pineapples.
Legal scrubbing on chapter texts of the Agreement cover Trade in Goods, Trade Remedies, Customs Procedures and Trade Facilitation, Rules of Origin, Competition, and Chapters under Legal and Institutional Issues (i.e., General Provisions, Transparency, Institutional Arrangements, Final Provisions, Exceptions, and Dispute Settlement). The Trade in Services and Investment chapters will be covered by a work program for future negotiations.
