SEOUL—Top officials of the Philippine Embassy in this city graced the ceremony announcing the conclusion of negotiations of the Philippines and Republic of Korea (ROK) Free-Trade Agreement (FTA).
With Ambassador to ROK Maria Theresa B. Dizon-De Vega and Commercial Counselor Jose Ma. Dinsay, the “hybrid” signing ceremony on October 26 was led by Trade Secretary Ramon Lopez in Manila and Trade Minister Yeo Han-koo in the South Korean capital city.
The FTA, together with the Regional Comprehensive Economic Partnership (RCEP) agreement, represents a more robust, resilient economic partnership between the Philippines and ROK. The Philippine-ROK FTA demonstrates both countries’ strong commitment to economic growth through industrial development, and is expected to substantially expand trade and investments between the two countries, giving a much-needed boost to economic recovery and a way toward sustainable economic growth.
Both sides prepared an economic and technical cooperation chapter in the agreement covering a diverse range of areas, with ROK committing institutional support and capacity-building in smart farms, film production, and e-vehicles.
Clauses on public-health emergencies, vaccine production, and climate change are also included in the Philippine-ROK FTA text, providing a solid foundation in response to new and emerging issues. Clinical trials on the production of vaccines and continued cooperation between the two countries’ defense industries are also in the pipeline through the agreement.
In his remarks, Lopez cited Yeo’s leadership and dedication to the FTA, as the Philippines also credited its substantial conclusion through the hard work and persistence of both sides’ negotiating teams.
The secretary added both parties were able to achieve a mutually beneficial and a high level of liberalization on trade in goods which will stimulate trade and increase investments from ROK, and vice versa. He also thanked the said country for accepting all of the Philippines’s proposals under the economic and technical chapter, especially on increased cooperation in public-health emergencies.
In his congratulatory remarks, Yeo expressed his appreciation for the trade negotiators’ diligence in ensuring a timely conclusion of the FTA, as negotiations were officially launched in June 2019. Since then they have worked tirelessly for a mutually beneficial outcome despite hurdles posed by the pandemic.
Yeo also announced the Philippines and ROK have agreed on a higher level of market opening than the Asean-ROK FTA currently in place, and the RCEP awaiting implementation. He expressed that with the ROK’s FTA with the Philippines, “[Koreans] can enjoy Philippine bananas at low price, with better quality.”
Yeo also greatly admired the support from Lopez: “Once a friend, always a friend; however, the Philippines is more than just a friend—it is a brother-country.“
The Korean minister also reiterated that the FTA will broaden the future for the Philippines and ROK, paving the way for their shared prosperity.