A free trade agreement(FTA) between South Korea and the Philippines is set to take effect on Tuesday. 

The Ministry of Industry, Trade and Energy said that it held a promotional briefing on the FTA at a hotel in Seoul on Thursday to publicize key points of the trade deal.

Under the agreement, South Korea will remove tariffs on 94-point-eight percent of Philippine products, while the Philippines will no longer impose tariffs on 96-point-five percent of South Korean products.

The FTA will immediately eliminate the five percent import duties on South Korean automobiles, with tariffs on Korean electric and hybrid vehicles to be phased out over five years. 

The trade deal will also eliminate 30 percent tariffs imposed on Philippine bananas within five years, beginning with a six-percent cut this year. 

The Philippines is the fifth country in the Association of Southeast Asian Nations to have signed a bilateral FTA with South Korea.