RoK pins high hope on FTA with Philippines

The Republic of Korea (RoK)'s Minister of of Trade, Industry and Energy Cheong In-kyo on December 26 said that the RoK-Philippines free trade agreement (FTA), set to take effect next week, will help the country further bolster its trade portfolio and contribute to maintaining a stable supply chain.

The Republic of Korea (RoK)'s Minister of of Trade, Industry and Energy Cheong In-kyo on December 26 said that the RoK-Philippines free trade agreement (FTA), set to take effect next week, will help the country further bolster its trade portfolio and contribute to maintaining a stable supply chain.

Cheong made the remark during a conference with Korean business representatives, aimed at briefing them on ways to utilise the bilateral FTA, which is set to take effect on December 31.

rok.jpg
Trade Minister Cheong In-kyo, right, speaks during a meeting in Incheon on December 20. (Photo: Yonhap)

According to the minister, the two countries are expected to achieve a high level of market liberalisation under the FTA, which will also foster investment and business exchanges, ultimately contributing to the stabilisation of the supply chain.

Under the agreement, the RoK and the Philippines will eliminate tariffs on 94.8% and 96.5% of products, respectively, effective immediately.

The FTA will also support the RoK in expanding automobile exports, as the 5% tariff on cargo trucks and passenger vehicles will be eliminated immediately, while tariffs on eco-friendly vehicles will be phased out within five years.

This is the fifth bilateral free trade deal that the RoK has signed with an ASEAN member, following those with Singapore, Vietnam, Malaysia and Cambodia.

The RoK already has an FTA with ASEAN as a whole but has been pursuing separate deals with individual member nations to deepen diplomatic and economic cooperation with these emerging economies./.

World

Thailand aims to become ASEAN's clean energy hub
World

Thailand aims to become ASEAN's clean energy hub

BoI Secretary-General Narit Therdsteerasukdi revealed that there are currently 28 electric vehicle production projects by 22 companies in Thailand, with a total investment of approximately 78 billion THB and a combined production capacity of over 880,000 units.

Indonesia seeks new markets for palm oil
World

Indonesia seeks new markets for palm oil

Indonesia is the world's biggest producer of the edible oil used in making foods such as cakes, chocolate, and margarine as well as cosmetics, soap and shampoo, accounting for more than half of the global supply.

Thailand optimistic about tourism and spending during Songkran festival
World

Thailand optimistic about tourism and spending during Songkran festival

Deputy government spokesman Anukul Prueksanusak has cited findings from a recent consumer behaviour survey conducted by the University of the Thai Chamber of Commerce, which said spending during Songkran is projected to increase by 4.5% to 134 billion THB (3.8 billion USD), up from last year’s 129 billion THB

Thailand to negotiate with US on tariffs
World

Thailand to negotiate with US on tariffs

Thailand is on the list of 15 countries that could be affected by Trump’s tariff policy. The average US tariff on Thai imports is 2% while Thailand levies an average tariff of 8% on US products

Thailand revises tourism strategy after earthquake
World

Thailand revises tourism strategy after earthquake

Minister of Tourism and Sports Sorawong Thienthong said that a tourism risk and crisis management team will be established to support the industry, with representatives from organisations in the tourism supply chain, such as the Ministry of Home Affairs and the Roads Authority.