필리핀 신선 바나나 인사이트

As the Korea-Philippines Free Trade Agreement (FTA) goes into effect on the 31st, tariffs on Philippine bananas will be completely eliminated within 5 years. When the bilateral FTA goes into effect, Korea will eliminate tariffs on 94.8% of all items imported from the Philippines. The Philippines will also eliminate tariffs on 96.5% of imported items from Korea starting on this day. Korea will eliminate the 30% tariff on bananas, a product of interest to the Philippines, over 5 years. It is expected to be reduced by 6% each year starting from the first year of the FTA. However, the Ministry of Trade, Industry and Energy announced that it has secured agricultural product safeguard (ASG) measures to prevent a sharp increase in banana imports from the Philippines. Accordingly, the Korean government can re-impose tariffs of up to 30% if the annual banana import volume exceeds the standard amount for 10 years starting from the first year of the FTA. In addition, tariffs on processed foods (5-10%), ginseng, peppers, and mackerel (5% each), and pears (7%) will also be eliminated within 15 years. Among Korean export items to the Philippines, automobiles are considered a representative beneficiary. The Philippines currently imposes a 5% tariff on Korean automobiles, but once the FTA goes into effect, tariffs on internal combustion engine passenger cars and trucks will be eliminated immediately. Tariffs on eco-friendly vehicles such as electric and hybrid cars will be phased out over a period of five years. Reporter Ji Yuri yuriji@nongmin.com

The tariff rates for the country’s banana exports to South Korea will get a sizable reduction next week under the newly implemented free trade agreement (FTA), beginning with a 6 percent decrease on Dec 31 and another 6 percent cut on January 1.

Geopolitical tensions blamed as imports from the Philippines drop 49 per cent year-on-year to 255,636 tonnes.