The Philippines and the United States on Monday tackled wide-ranging economic issues meant to strengthen their relations, and agreed to soon hold a meeting under the
Trade and Investment Framework Agreement (TIFA).
Trade Secretary Alfredo Pascual in his meeting with US Trade Representative Katherine Tai raised the importance of renewing the US General System of Preferences for the Philippines and the possibility of a free trade agreement between the two countries for more robust Philippine-US trade and investment relations.
Both instructed their teams to engage the working groups of the TIFA, which provides the framework of bilateral discussion of mutual interests on trade and investments.
Tai and Pascual tackled the upcoming Indo-Pacific Economic Framework negotiating round for which the US official thanked the Philippines for the constructive feedback it has provided and noted the tangible economic benefits of the Trade pillar.
Pascual expressed the Philippines’ support for the USchairmanship of Asia-Pacific Economic Cooperation (APEC) this year with the theme “Creating a Resilient and Sustainable Future for All.”
Tai highlighted the upcoming APEC Ministers Responsible for Trade meeting in Detroit as an opportunity to demonstrate that resiliency, sustainability, and inclusivity are core values in trade policy.
Tai and Pascual also noted the importance of identifying opportunities to enhance the resilience of supply chains and helping micro, small and medium-sized enterprises (MSMEs) participate in the global economy.
The two officials recognized the importance of strengthening the economic relations and discussed ways forward through bilateral trade agreements and multilateral economic forums, specifically the APEC and IPEF. Irma Isip
