The Philippines will push for the clinching of Investment Promotion and Protection Agreements (IPPAs) with three countries while anticipating the signing soon of its free trade agreement (FTA) with a fourth one.
Trade Secretary Ramon Lopez in a press conference at the Philippine Economic Briefing yesterday said the country will sign IPPAs — viewed as precursor to an economic partnership – with Taiwan, Israel as well as the United Arab Emirates pending finalization of schedules.
Lopez said the signing of the FTA with South Korea is also just a matter of scheduling as that country is also transitioning to a new leadership.
For the European Union’s (EU) Generalized System of Preferences Plus, Lopez said the Philippines continues to actively engage the EU in the country’s compliance to the 27 requirements to continue enjoying the duty-free privileges.
He said the country’s utilization of the EU GSP Plus has gone up from 72 percent of all the products eligible for export at zero duty to 75 percent.
Lopez also remains hopeful Senate would tackle the ratification of the Philippines’ accession to the Regional Comprehensive Economic Partnership (RCEP) when Congress resumes session on May 23.
He said this would be an avenue to clarify the remaining questions raised by parties especially from the agriculture sector.
But Lopez assured RCEP has not included sensitive agricultural products in the negotiations to avoid concerns of competition from imports. – Irma Isip
