The Philippines has taken a major step toward boosting its fruit export industry, with the Senate’s ratification of a new free trade agreement (FTA) with South Korea. This exciting development is set to create new opportunities for the country’s banana and pineapple exporters, offering them tariff-free access to one of Asia’s largest markets.
Under the agreement, tariffs will be lifted on 96.5% of South Korean imports and 94.8% of Philippine exports, with a phased removal of the 30% duty on banana shipments to Korea over the next five years. This paves the way for Filipino fruit producers to expand their market reach and strengthen their presence in South Korea.
“This is great news for our banana and pineapple industries, opening up bigger opportunities in the South Korean market,” said former Agriculture Undersecretary Fermin Adriano.
With the FTA now awaiting approval from lawmakers in Seoul, this agreement marks a significant milestone in advancing trade relations and expanding economic growth for both nations.
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