The Philippines is widening its web of free trade engagements up to Latin America and Africa.
In a press briefing, Undersecretary Allan Gepty of the Department of Trade and Industry (DTI) said the agency is conducting studies on a list of African countries that are possible candidates for a free trade agreement (FTA).
Gepty said DTI is also updating its study on the feasibility of an FTA with Chile as a jump off for the country’s engagements with Latin America.
Gepty said the Philippines’ interests are in agricultural products, services and investment. Chile meanwhile is keen on critical minerals, mining, research and development.
Gepty said the Philippines hopes to formally apply this year its participation in the Comprehensive and Progressive Agreement for Trans-Pacific (CPTPP).
“It’s a good FTA for the Philippines in the sense that once we become a part of the CPTPP, the value add is (the presence in the deal of ) Chile, Mexico, Peru, and Canada. Now (with) the UK there, we need to join this,” Gepty said.
Separately, the Philippines is looking at the possibility also of having a bilateral FTA with Canada.
Gepty said Senate has committed to start public hearing on the Philippines’ FTA with South Korea as part of the concurrence process as soon as Congress resumes session.
The DTI also anticipates the next round of negotiation for its FTA with the European Union in October.
Gepty reported the conclusion three weeks ago of its second round of negotiations with the United Arab Emirates (UAE) where both parties achieved significant progress on several chapters.
He said the next round will focus on market access.
“We hope to finish this by October in time for the planned state visit in November
This is a milestone within our international trade relations because this will be the first time ever that we will have an FTA with a Middle Eastern country and that would be a good takeoff point to access the Gulf Cooperation Countries. We are also marking 50 years of diplomatic relations with the UAE,” Gepty said.
