MANILA, Philippines — The Philippines is hopeful it can meet with the US to discuss the possibility of a free trade agreement (FTA) during the upcoming Asia Pacific Economic Cooperation (APEC) meetings in Papua New Guinea in November.
“What we are waiting for is the opportunity for (Trade) Secretary (Ramon) Lopez and the USTR (Office of the US Trade Representative) to meet. We cannot set a schedule now because they are busy and we are busy too. Most likely, they would meet, the next opportunity would be Papua New Guinea, during APEC,” Trade Undersecretary Ceferino Rodolfo told reporters yesterday.
As the US and the Philippines have recently resolved bilateral issues under the Trade and Investment Framework Agreement (TIFA), he said both parties are ready to work to enhance the bilateral relationship.
“We cannot preempt what would be discussed. But hopefully, since the work according to the joint statement, you have already resolved bilateral issues, next level would be to strengthen bilateral relationship further,” he said.
In November last year, President Duterte met with US President Donald Trump and the latter welcomed the Philippines’ interest to explore a possible bilateral FTA.
Last July, US Trade Representative Robert Lighthizer was also reported by Reuters to have said before the US Senate appropriations subcommittee he would want to have a trade deal with the Philippines.
Earlier this month, the Department of Trade and Industry and the USTR said there were gains made on some bilateral trade issues under the TIFA.
In particular, the countries have agreed to work together in the development of cold chain requirements and best practices in the Philippines.
The parties have also agreed on access of agricultural products such as mango, young green coconuts and carrageenan to the US, as well as the expansion of the US Generalized System of Preferences (GSP) program which eliminates tariffs on certain items from beneficiary countries like the Philippines, to include travel goods.
In addition, the Philippines has committed to continue its acceptance of vehicles meeting the US Federal Motor Vehicle Safety Standards, and to continue discussions with the US on the National Retail Payments System and other measures related to electronic payment services, including domestic retail debit and credit electronic payment transaction, as well as on seeking relief from US safeguard measures on solar cells and tariffs on steel and aluminum.
The US is among the Philippines’ biggest trade partners, with total bilateral trade worth $27 billion in 2016. Of the total value, $18 billion was accounted for by trade in goods, while nearly $9 billion was in services
With Philippines benefiting from the US GSP, roughly $1.5 billion of the country’s exports enter the US market duty-free every year.