The Philippine government is optimistic that the Philippines-Korea Free Trade Agreement (PH-Korea FTA) will enter into force before the end of 2024, following its ratification in Korea.
Department of Trade and Industry (DTI) undersecretary for the International Trade Group (ITG) Allan Gepty said that the agreement is on track for implementation, pending the issuance of an Executive Order (EO) by President Ferdinand Marcos Jr.
“For it to be implemented, there has to be an executive order. The President will approve it. I think that will be tabled for discussion for mid-December,” Gepty said.
He said that while there are still procedural steps to complete, the government is confident about the agreement’s timeline.
“Our target is for it to enter into force this month, following ratification in Korea. Let’s say it’s a target, but within the year, we are optimistic it will push through,” he said.
South Korea formally notified the DTI of the ratification on Nov. 18, 2024.
The agreement is seen as a major milestone in fostering deeper trade ties between the two countries, focusing on tariff reductions and expanded market access.
Gepty highlighted the potential benefits of the FTA for Philippine businesses.
“By next year, it will significantly impact our members as tariff reductions take effect. Starting January, another round of cuts will be implemented, providing substantial advantages for our exporters,” he said.
Anchored on the theme “Sustainability: Shaping the Future of Philippine Exports,” NEW 2024 supports the nation’s vision of positioning itself as Southeast Asia’s premier sustainable manufacturing and services hub.
The six-day event, organized by the Export Marketing Bureau (EMB), the Export Development Council (EDC) and the Philippine Exporters Confederation, Inc. (PHILEXPORT), will promote responsible supply chains, ethical sourcing, and innovative production methods.
