Philippine Tariffs on Processed Pineapple and Banana Exports to South Korea Set to Gradually Decrease Under New Free Trade Agreement (FTA)

According to the Department of Trade and Industry (DTI) of the Philippines, the tariffs on Philippine processed pineapple and banana exports to South Korea would gradually decrease after the signing of a free trade agreement (FTA). The Philippine bananas and processed pineapple exports are currently subject to a 30% and 36% tariff, respectively. The FTA aims to correct the tariff disadvantages of major Philippine exports to Korea. The agreement was made possible by securing a concession from South Korea to remove tariffs on Philippine bananas for five years. The tariffs on banana exports from the Philippines will be lower in five equal installments until they become zero. Meanwhile, South Korea will eliminate the 36% tariff on processed Philippine pineapple exports within seven years.