The Trade Department filed a new request with the Korean government to reduce the tariff on Philippine banana exports.
Trade Secretary Ramon Lopez, who recently met with Korean Trade Minister Kim Hyun-chong, reiterated the Philippines’ request for wider market access to South Korea.
“We will open discussion and we are considering options for a better process moving forward, either bilateral through PTA [Preferential Trade Agreement] or under Asean-Korea trade agreement,” he said.
The Philippine remains the biggest supplier of bananas to South Korea with over 85-percent market share. Other countries with similar trade arrangements are asking Korea to increase their market presence.
South Korea imports about 30 million boxes of Philippine bananas or about 390,000 tons a year. Philippine bananas are levied a 30-percent duty in Korea.