PH, South Korea set to ratify free trade pact this year, says Marcos

President Ferdinand Marcos Jr. —MALACAÑANG FILE PHOTO

MANILA, Philippines – President Ferdinand Marcos Jr. said that the Philippines and South Korea are set to ratify a free trade agreement (FTA), Palace confirms on Friday.

Citing Marcos’ interview with Maeil Business Newspaper Chairman and Publisher Chang Dae-Whan in Malacañan Palace, the President said that the FTA can be ratified within 2024.

The FTA with South Korea was signed in September 2023. The deal is expected to reduce barriers in trade between the two countries.

READ: PH signs free trade agreement with South Korea

“I think so. I think we will get it done. I think we will get it ratified …it’s important to us,” Marcos said in the interview.

“I think one of the lessons we learned during the pandemic, and now after the pandemic is how important trade is, not just to be wealthy, but to be, to have the things that you need, that your people need. So, that’s always the key for us and no country succeeded by cutting itself off,” added Marcos.

READ: Free trade deal with South Korea seen by Oct

According to the Palace, the FTA could reduce government tariffs, quotas, subsidies, and prohibitions.

Marcos also said that the Philippines is negotiating another FTA with South Korea.

“We are negotiating a separate future agreement with the Republic of Korea is to encourage them to, perhaps take some, to allow some of our products to be included in the reduced tariff products, and also we hope that we can negotiate with Korea, with South Korea,” said Marcos.