South Korea and the Philippines free trade agreement (FTA) is expected to increase exports to the Philippines, especially cars and parts, which will be tariff-free upon entry into force.
The FTA between South Korea and the Philippines will go into effect on December 31.
According to the South Korean Ministry of Trade, Industry and Energy and the Korea Trade Investment Promotion Agency (KOTRA), cooperation between the two nations is expected to increase in smart farms, smart cities, and renewable energy.
The Philippines, with a population of about 120 million, is South Korea's 15th-largest trading partner as of last year.
South Korean government explained that internal combustion engines, cargo vehicles, electric vehicles, and auto parts will be tariff-free in five years, promising export items.
The two countries' collaboration on smart farms, smart cities, and renewable energy is also expected.
Write to Han-Shin Park at phs@hankyung.com
Korean cars for export at Pyeongtaek Port in Korea (Courtesy of News1 Korea) South Korea has signed a free trade pact with the Philippines, which is expected to bolster Korean car exports to the Southeast Asian country with an immediate abolition of import tariffs on Korean vehicles. Kore