Senate urged to OK PH-Korea free trade agreement | ABS-CBN
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Senate urged to OK PH-Korea free trade agreement
Senate urged to OK PH-Korea free trade agreement
MANILA -- Various groups backed the ratification of a free trade agreement (FTA) between the Philippines and South Korea after the Philippine Senate gave preliminary approval earlier this week.
MANILA -- Various groups backed the ratification of a free trade agreement (FTA) between the Philippines and South Korea after the Philippine Senate gave preliminary approval earlier this week.
"We call for the immediate ratification of the PH-ROK Free Trade Agreement. Every day ofvdelay risks the Philippines losing valuable trade opportunities, particularly in sectors where Korean investments could significantly boost economic growth," think-tank Stratbase ADRI said in a statement earlier Friday.
"We call for the immediate ratification of the PH-ROK Free Trade Agreement. Every day ofvdelay risks the Philippines losing valuable trade opportunities, particularly in sectors where Korean investments could significantly boost economic growth," think-tank Stratbase ADRI said in a statement earlier Friday.
Stratbase ADRI hosted a conference entitled “Enhancing Indo-Pacific Security: Philippines-Republic of Korea Cooperation Strategies” as part of the celebration of the 75 years of diplomatic ties between the 2 countries.
Stratbase ADRI hosted a conference entitled “Enhancing Indo-Pacific Security: Philippines-Republic of Korea Cooperation Strategies” as part of the celebration of the 75 years of diplomatic ties between the 2 countries.
The think tank likewise urged the prioritization of negotiations and the signing of the Joint Declaration on the Strategic Partnership between the 2 countries.
The think tank likewise urged the prioritization of negotiations and the signing of the Joint Declaration on the Strategic Partnership between the 2 countries.
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Kim Gheewhan, president of Korea Foundation, also backed the approval of the free trade agreement. The foundation co-hosted the forum.
Kim Gheewhan, president of Korea Foundation, also backed the approval of the free trade agreement. The foundation co-hosted the forum.
"The Korea-Philippines free trade agreement was signed last year on top of Korea-ASEAN free trade. It is to be ratified soon. I hope soon this year." he said at the same forum. "Economically, bilateral trade between our two countries reached over $13 billion last year."
"The Korea-Philippines free trade agreement was signed last year on top of Korea-ASEAN free trade. It is to be ratified soon. I hope soon this year." he said at the same forum. "Economically, bilateral trade between our two countries reached over $13 billion last year."
The Philippine Senate approved a resolution concurring with the FTA on second reading last September 18. It is ripe for final approval by next week.
The Philippine Senate approved a resolution concurring with the FTA on second reading last September 18. It is ripe for final approval by next week.
The Free Trade Agreement between the 2 countries was signed on 7 September 2023 in Jakarta, Indonesia.
The Free Trade Agreement between the 2 countries was signed on 7 September 2023 in Jakarta, Indonesia.
"The Philippines, through the Agreement, will expand its FTA network to encourage the entry of sustainable and high-quality investments, and to pursue forward-looking commitments on economic cooperation in priority areas such as industrial development, innovation, research and development, micro, small and medium-sized enterprises, and creative and cultural industries," the resolution said.
"The Philippines, through the Agreement, will expand its FTA network to encourage the entry of sustainable and high-quality investments, and to pursue forward-looking commitments on economic cooperation in priority areas such as industrial development, innovation, research and development, micro, small and medium-sized enterprises, and creative and cultural industries," the resolution said.
The Department of Foreign Affairs, Department of Finance, Department of Trade and Industry, Department of Justice, Department of Agriculture, Department of Environment and Natural Resources, National Economic Development Authority, Bureau of Customs, Board of Investments, Tariff Commission, Philippine Competition Commission, Intellectual Property Office of the Philippines, and Film Development Council of the Philippines all endorsed the agreement.
The Department of Foreign Affairs, Department of Finance, Department of Trade and Industry, Department of Justice, Department of Agriculture, Department of Environment and Natural Resources, National Economic Development Authority, Bureau of Customs, Board of Investments, Tariff Commission, Philippine Competition Commission, Intellectual Property Office of the Philippines, and Film Development Council of the Philippines all endorsed the agreement.
The constitution requires concurrence by 2/3 of the Senate for any treaty or international agreement signed by the Philippines.
The constitution requires concurrence by 2/3 of the Senate for any treaty or international agreement signed by the Philippines.
For his part, Korean Ambassador to the Philippines Lee Sang-hwa said in that his country is aiming to serve as a hub for cooperation networks in the region.
For his part, Korean Ambassador to the Philippines Lee Sang-hwa said in that his country is aiming to serve as a hub for cooperation networks in the region.
He also noted that since becoming Ambassador to the Philippines in June last year, the Korean Government has issued its position on the West Philippine Sea 10 times, reiterating the importance of upholding freedom of navigation and overflight, as well as rules-based order in accordance with international law.
He also noted that since becoming Ambassador to the Philippines in June last year, the Korean Government has issued its position on the West Philippine Sea 10 times, reiterating the importance of upholding freedom of navigation and overflight, as well as rules-based order in accordance with international law.
Ma. Teresita Daza, spokesperson of the Department of Foreign Affairs noted that both countries are committed to freedom and democracy, inclusive growth, and a rules-based international order.
Ma. Teresita Daza, spokesperson of the Department of Foreign Affairs noted that both countries are committed to freedom and democracy, inclusive growth, and a rules-based international order.
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