Banana and pineapples shipments set to benefit from tariff-free access, provided lawmakers in Seoul follow suit
As expected, the Philippines’ Senate has ratified its proposed free trade agreement with South Korea, a decision that will be welcomed by the country’s banana and pineapple exporters.
Earlier this month, Filipino DTI Undersecretary Allan Gepty underlined the importance of winning back the country’s lost share of the South Korean banana market.
For the FTA to enter into effect, however, it must also be ratified by lawmakers in Seoul.
The deal will remove the tariffs on 96.5 per cent of goods imported from South Korea, and 94.8 per cent of Philippine products heading in the other direction. A 30 per cent duty on banana shipments to Korea will be removed within five years.
“This is a good development for our banana and pineapple industries as they can get a bigger market in South Korea,” former Agriculture Undersecretary Fermin Adriano was quoted as saying by BusinessWorld.
