Boost for Philippines fruit exports as South Korea ratifies FTA

Banana and pineapples shipments set to benefit from tariff-free access, provided lawmakers in Seoul follow suit As expected, the Philippines’ Senate has ratified its proposed free trade agreement with South Korea, a decision that will be welcomed by the country’s banana and pineapple exporters. Earlier this month, Filipino DTI Undersecretary Allan Gepty underlined the importance of winning back the country’s lost share of the South Korean banana market. For the FTA to enter into effect, however, it must also be ratified by lawmakers in Seoul. The deal will remove the tariffs on 96.5 per cent of goods imported from South Korea, and 94.8 per cent of Philippine products heading in the other direction. A 30 per cent duty on banana shipments to Korea ...