The Philippines aims to position itself as Canada’s production hub in Asean under the planned Asean-Canada free trade agreement (ACAFTA).
In a statement, Ceferino Rodolfo, Board of Investments (BOI) managing head and Trade undersecretary, emphasized this following the first plenary meeting of the ACAFTA working group on investment.
The BOI said Rodolfo noted how an FTA with Canada will facilitate greater flow of trade, services and investments to Asean.
Held last August 30, the first plenary meeting was attended by representatives of all Asean member states and Canada who exchanged their views on the levels of ambition and elements of the FTA’s investment chapter.
They also discussed the work plan which will serve as the guide on the conduct of the negotiations.
The ACAFTA Investment Chapter aims to create a framework for investments between and among the Asean and Canada and will include promotion, facilitation, liberalization and protection of investments.
The working group held its first Asean caucus meeting virtually last August 22 where the Asean member-states discussed the elements and approach for the negotiations, among others.
