Ma. Eunice Jasmine P.

Bodino
IDS41
International Political Economy
Jumel G. Estrañero
Political Economy AnalySynthesis No.3

Free trade pact signed between Philippines, South Korea

By Alexis Romero (2023)

NEWS TIDBITS: A free trade agreement (FTA) between the Philippines and South Korea is
anticipated to strengthen their relationship in terms of investments. The Philippines and South
Korea held free trade negotiations that lasted from June 2019 until October 2021. According
to Marcos Jr., the agreement would improve Manila's bilateral trade and investment ties with
Seoul and is predicted to create employment. The FTA will also enhance the Philippines'
appeal as a prime regional center for wise and environmentally friendly investments.

ANALYSIS: The free trade agreement will allow us to offer our products and services more
freely and profitably in the South Korean market. This will help Filipino entrepreneurs,
employees, and consumers by providing them with more options and choices. The FTA will
also make our country more desirable to South Korean investors, who are well-known for
their technological know-how and financial input into our economy.

Moreover, this deal would strengthen ties between the Philippines and South Korea,
which are already strong regional partners. Both nations' leaders will be able to collaborate on
a variety of subjects and interests, including development, culture, security, and their own
agendas. The leaders will also gain more support and recognition from their people, who
appreciate the achievements of the FTA, especially since many Filipinos appreciate South
Korea.

POLICY RECOMMENDATION: The Philippine government should ensure that our

businesses and industries have the necessary support to compete and improve in the South
Korean market. They can offer subsidies and training programs or partner with private sectors
to provide these initiatives. It is also vital that there is a trustworthy and effective committee
that will oversee the implementation and mechanisms of the FTA and that both countries are
complying fairly. This will maintain the harmony between the Philippines and South Korea
and increase the transparency.

References

Romero, A. (2023, September 7). Free trade pact signed between Philippines, South Korea.
Philstar.com.
https://www.philstar.com/headlines/2023/09/08/2294616/free-trade-pact-signed-between-phil
ippines-south-korea