The Philippines is making progress in establishing free trade agreements (FTAs) with South Korea, the United Arab Emirates (UAE), and India. The FTA with South Korea is expected to be signed by October, while formal discussions for the FTAs with the UAE and India are set to begin this year. Trade Undersecretary Ceferino Rodolfo stated that signing authority from President Marcos is expected this month for the FTA with South Korea, with the signing to take place in the following two months. The FTA aims to eliminate the current 30% tariff imposed on the export of bananas and processed pineapples. Rodolfo predicts that the FTA with South Korea could attract between P150 billion to P200 billion worth of investments for the Philippines in the processing of agricultural goods and the electric vehicle sector. The terms of reference for the FTAs with the UAE and India are already completed, and discussions are expected to move forward soon. Manila sees the UAE as a potential market for halal-related products, tropical fruits, garments, luxury watches, belts, and other leather products. In the FTA with India, the Philippines is looking to negotiate for more market access for tropical products like bananas and pineapples, as well as critical Indian goods. This move comes in light of export restrictions on active pharmaceutical ingredients imposed by India during the COVID-19 pandemic.
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
Denial of responsibility! Samachar Central is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
