The Philippines and Korea have called on the need to immediately conclude the ongoing free trade agreement (FTA) negotiation to enhance market access of key products of mutual interests.
This was expressed by Trade Secretary Ramon Lopez and Korean ambassador to the Philippines Kim In-Chul during the latter’s courtesy call on June 23, 2021, the Department of Trade and Industry (DTI) said in a brief statement.
Originally targeted for conclusion in November 2020, the FTA had experienced delays as negotiations were halted by the pandemic and the absence of a chief negotiator. Korea recently appointed one.
The two countries were to thresh out remaining issues, economic and technical cooperation as well as market access as Korea has yet to agree to several concessions, including exports of fruit to Korea.
Korea, meanwhile, is seeking for lower duties for industrial exports to the Philippines that include automotive parts which now carry 30 percent tariff.
Lopez and Kim also discussed cooperation on innovation and automotive industry during the call, according to the DTI.
The Philippines has expressed desire to export more agriculture products to Korea.
Recently, the Philippines made its first batch of shipment of okra (lady fingers) to South Korea.
