Philippines optimistic FTA with South Korea signed before June 30

Trade and Industry Secretary Ramon Lopez said the Philippines is aiming to get the free trade agreement (FTA) with South Korea signed before the term of the current administration ends. Lopez said that given the recent change in administration in South Korea, both countries are still working on a new schedule. Negotiations for the FTA between the Philippines and South Korea were launched in June 2019 and concluded in October last year. It covers trade in goods, trade remedies, rules of origin, customs procedures and trade facilitation, economic and technical cooperation, competition, and legal and institutional issues. The Philippines and South Korea earlier agreed to conduct negotiations on provisions for the chapters on trade in services and investment no later than one year after the FTA entered into force.