PH gov't seeks more free trade agreements this year — DTI

The Philippines is seeking to forge more free trade agreements (FTAs) with other countries this year as part of efforts to expand market access for Filipino products, the Department of Trade and Industry (DTI) said Tuesday.

Trade Secretary Cristina Roque said the government recently concluded negotiations for an FTA with Chile, which would give Philippine products greater access to the South American market.

“We just concluded the Chile FTA, which will open the South America market for the Philippine products… Malaki po ang market ng South America (South America has a huge market),” Roque said during the launch of the DTI AI and Scale-Up Center in Makati City.

In his fifth State of the Nation Address, President Ferdinand Marcos Jr. said the Philippines now has 23 FTAs in force or under active negotiation with other countries.

“Our vigilant trade facilitation efforts have resulted in integrating our country into the international free trade network that is the widest and most active one that we have ever had in our history,” Marcos said.

The DTI said the government is seeking to conclude negotiations this year on trade agreements involving the European Union, Canada, Japan and the Association of Southeast Asian Nations (ASEAN).

“We hope to conclude this year the Philippine-EU FTA, the Philippine-Canada FTA, the ATIGA (ASEAN Trade in Goods Agreement), the JPEPA (Japan-Philippines Economic Partnership Agreement), which will open the Japan market again for the bananas,” Roque said.

The Philippines' most recent FTA was with the United Arab Emirates, signed in January. It was the country's first free trade agreement with a Middle Eastern nation and marked a milestone in efforts to expand its global trade footprint.

The agreement seeks to reduce tariffs, improve market access for goods and services, increase investment flows, and create new opportunities for Filipino professionals and service providers in the UAE. — MCG, GMA News