South Korea's trade minister, Cheong In-kyo, said the bilateral free trade agreement with the Philippines would enhance trade ties and stabilize supply chains, Yonhap News reported Thursday.
The FTA eliminates tariffs on 94.8% of South Korean products and 96.5% of Philippine goods with immediate effect, the report said.
The FTA is expected to support South Korea's automobile exports by immediately removing tariffs on cargo trucks and passenger vehicles and phasing out environment-friendly vehicle tariffs over a five-year period, according to the report.
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