The Philippines-South Korea free trade agreement (FTA) is likely to enter into force in 2024, delayed by a year by procedural issues.
“We would have wanted to get it (FTA) implemented this year,” said Ceferino Rodolfo, undersecretary of the Department of Trade and Industry.
According to Rodolfo, the Department of Foreign Affairs is waiting for the final legally scrubbed agreement prior to the signing of the deal.
He said the agreement’s English and Korean versions should match “because in international law, both versions have equal validity.”
This would ensure interpretations of all provisions are the same.
The legal scrubbing represents the final step in clinching the FTA where the Philippines secured improved market access for agricultural products such as bananas and other tropical fruits, as well as industrial products and other services. The FTA, once enforced, will be an important vehicle for improving the balance of trade with Korea through enhanced trade flows, facilitating the movement of natural persons, and generating more investment opportunities and by extension, job generation possibilities. – Irma Isip
