Philippine banana and pineapple exporters scored victory in the Korean fruit market with the signing of the Philippine-South Korea free
trade agreement during the sidelines of the recently-concluded 43rd ASEAN Summit in Jakarta, Indonesia.
Mr. Marcos said the trade agreement would further enhance the vibrant relationship and partnership between the Philippines and South Korea, expressing optimism that it would go beyond the government-to-government partnership to involve private firms and private sector partners.It can only be a successful arrangement for both our countries. I look forward to the expansion of the trade agreement between your country and mine,” he told Yoon.
“The Philippines’ engagement with South Korea is built on trade through market access, economic cooperation, and investments through collaboration in targeted sectors, such as critical minerals and supply chains,” he said. importance to start the process immediately since competitors from other banana-exporting countries are eating up the Philippine share.
At present, Philippine processed pineapple exporters pay 36 percent duties as they enter the Korean market. This was after Mr. Marcos’ bilateral engagement with World Bank Group president Ajay Banga on the sidelines of the ASEAN Summit.
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