Philippine agricultural products, in particular bananas and pineapples, will see a significant stimulus due to the recently concluded free trade agreement between the Philippines and South Korea.
Under the Philippines-Korea Free Trade Agreement, bananas and pineapples will be allowed to enter South Korea at zero duty.
Naturally, bananas and pineapples are not the only agricultural products that will benefit from the free trade deal. Government sources say that okra, papaya, refined coconut oil, cashew nuts and fruit juices will also be granted duty-free market access.
South Korea is one of the top 10 agricultural importers in the world, according to the United States Department of Agriculture (USDA), and the free trade deal would certainly give the Philippines an edge over other exporters.