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Philippines Us Trade Agreements

Philippines Us Trade Agreements

U.S. trade in goods and services with the Philippines was estimated at $30.6 billion in 2019. Exports were $12.1 billion; Imports amounted to $18.5 billion. The trade deficit in goods and services with the Philippines was $6.4 billion in 2019. AmCham`s senior advisor, John D. Forbes, said the Americans oppose their country`s adherence to any new trade agreement, especially in the heat of the pandemic. The contagion took millions of Americans` jobs; It would then be an “unpopular” policy to outsource the workforce. Trade experts and diplomats interviewed by BusinessMirror said hopes for a free trade agreement between the Philippines and the United States should be tempered when Biden is elected president. Many issues, ranging from the Covid 19 pandemic to human rights conflicts, could prevent Asia-Pacific allies from forging a trade agreement. If there`s one thing the Philippines will certainly benefit from Biden`s election, it`s that it reverses Trump`s policy against China and ends the trade dispute once and for all. AmCham said he would continue to insist on Washington`s free trade agreement with the Philippines because he strongly believes in the great benefit of the trade deal.

The United States and the Philippines have a strong trade and investment relationship with more than $27 billion in goods and services (2086). The United States is one of the largest foreign investors in the Philippines and the third largest trading partner of the Philippines. The Philippines has attempted to negotiate a trade agreement with the United States to lift tariffs on its export interests, such as clothing products. The Philippines sees the United States as a priority market for Wearables as it seeks to revitalize its apparel industry. Annual trade in goods and services between the Philippines and its longtime ally amounted to $27 billion in 2016, according to the Office of U.S. Trade Representative. It would be Washington`s second free trade agreement with a Southeast Asian country after Singapore. “I would say with confidence that there will be a free trade agreement between the United States and the Philippines,” he said. “I hope it will be some time in 2020, but it could be until 2021.” Michael M. Michalak, senior vice president and executive director of the Asean Business Council, said domestic policy issues would prevent Biden`s trade agents from starting negotiations in the early stages of his presidency. Other ASEAN free trade agreements have concluded a preferential agreement with China, Hong Kong, India, Japan, South Korea, Australia and New Zealand. Visit www.dti.gov.ph/15-main-content/dummy-article/682-free-trade-agreements and tariffcommission.gov.ph/finder/ for a list of Philippine trade agreements and tariff plans and related commitments.

More information on trade is also available on the Philippine National Trade Repository website pntr.gov.ph/. Philippines – European Free Trade Association Free Trade Agreement The Philippines and EFTA countries – Iceland, Liechtenstein, Norway and Switzerland – signed a free trade agreement in 2016, which is expected to enter into force in 2018.


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