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S. Korea and Philippines conclude FTA negotiations giving Seoul upper hand in automobile export Updated: 2021-10-26 13:58:15 KST

South Korea and the Philippines have concluded a free trade agreement their respective trade ministers signing the deal this morning.
The FTA will help South Korea ship more automobiles to the Philippines, especially eco-friendly ones.
Overall, the Philippines will lift tariffs on 96.5 percent of all traded products while South Korea will lift them on 94.8 percent.
Seoul's Trade Ministry said the agreement is expected boost Korea's access to a "young, dynamic market."
Negotiations began in 2019.
The Philippines is the fifth country in the Association of Southeast Asian Nations to have an FTA with South Korea the others being Singapore, Vietnam, Malaysia and Cambodia.
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