By Joann Villanueva/Philippine News Agency
MANILA — Trade and Industry Secretary Ramon Lopez said the Philippine panel is taking full advantage of ongoing free trade discussions with South Korean counterparts to determine options that will greatly benefit both countries.
He, however, said that it is “too early to tell” by how much trade with South Korea will grow after the signing of the free trade agreement (FTA), eyed to be signed in November this year.
“(It’s) hard to say now because we don’t know where the negotiations will lead us, how many items and what degree of market access can be opened up,” he said in a reply to a Viber message from the Philippine News Agency (PNA).
“But of course, both sides (are) working on maximizing possibilities to arrive at a mutually beneficial trade agreement,” he added.
FTA discussions between the two countries started early June this year, with the Philippines eyeing higher agricultural exports to South Korea and lower tariff on its banana exports from 30 percent to five percent while Korea is seeking lower tariffs on its automobiles.
To date, the Philippines trade deal with South Korea is through the ASEAN-Korea FTA.
Data from the Korea Trade-Investment Promotion Agency (KOTRA) show that trade volume between the two countries reached USD15.606 billion in 2018, higher than the previous year’s USD14.296 billion.
Data from the Philippine Statistics Authority (PSA) showed that the Republic of Korea was the number six top destination of Philippine exports last April, with volume amounting to USD253.02 billion.
During the same month, Republic of Korea is the third source of imports to the Philippines, next to China and Japan, with volume amounting to USD710.41 billion.
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