MANILA, Philippines - The Philippines is open to having more bilateral agreements to promote greater trade, a Trade official said.
Trade Undersecretary Adrian Cristobal Jr. said the Philippines is willing to look into having bilateral trade agreements with other countries.
“We have to manage our resources well. But we are not closing that door. Of course we are interested. We are interested in exploring more bilateral FTAs (free trade agreements)…We just have to undergo usual consultations, impact studies,” he said.
He said the government is aiming to start FTA negotiations with the European Union (EU) and the European Free Trade Association (EFTA) which groups Iceland, Liechtenstein, Norway and Switzerland next year.
To start FTA negotiations next year, the government wants to conclude scoping exercises for both the EU and EFTA agreements within the year.
Aside from starting negotiations for new FTAs, the country is also involved in ongoing talks for the Regional Comprehensive Economic Partnership (RCEP) and the Association of Southeast Asian Nations (Asean) – Hong Kong trade agreement.
The RCEP will consolidate all of Asean’s FTAs into one regional free trade network.
“We are still aiming for the target end of 2015 to get the agreement (for RCEP),” Cristobal said.
The Philippines expects to benefit from the ASEAN-Hong Kong FTA with a significant part of Philippine-China trade going through Hong Kong.
A review of all the country’s existing FTAs is also currently being undertaken.
The Philippines has existing FTAs with Japan and the ASEAN bloc.
As an Asean member, it also has trade deals with China, Korea, India, Japan, Australia and New Zealand.