SOUTH KOREA FTA EXPECTED TO BOOST PHILIPPINES’ GARMENT SECTOR
November 26th, 2024
Member companies of the Foreign Buyers Association of the Philippines (Fobap) fear failing to reach a USD1 billion-mark in apparel export revenue in 2024, but they hope for improvement next year, as a free trade agreement (FTA) between the Philippines and South Korea is expected to enter into force.
Signed in September (2024), ratified by the Philippines’ Senate in the same month and still pending anticipated ratification by South Korea’s National Assembly, the FTA will see South Korea remove tariffs on approximately 94.8% of Philippine good exports, ...
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