Philippine Trade Agreements with Other Countries: An Overview
The Philippines, as a member of the Association of Southeast Asian Nations (ASEAN), has been actively pursuing free trade agreements (FTAs) with other countries in the region and beyond. These FTAs aim to boost trade and investment flows, enhance market access, and promote economic growth and development.
Here are some of the major Philippine trade agreements with other countries:
1. ASEAN Free Trade Area (AFTA)
The AFTA is a regional trade agreement between ASEAN member states that aims to create a single market and production base in the region. The AFTA reduces or eliminates tariffs on goods traded among the member states, thus promoting intra-ASEAN trade. The Philippines has been a member of the AFTA since 1992.
2. ASEAN-China Free Trade Area (ACFTA)
The ACFTA is a comprehensive FTA between ASEAN and China that was established in 2010. The ACFTA aims to liberalize trade in goods, services, and investment between ASEAN and China. The Philippines has benefited from increased trade flows with China under the ACFTA.
3. ASEAN-Korea Free Trade Area (AKFTA)
The AKFTA is an FTA between ASEAN and South Korea that was established in 2006. The AKFTA aims to enhance trade and investment relations between ASEAN and South Korea. The Philippines has seen increased exports of agricultural and industrial products to South Korea under the AKFTA.
4. Philippines-Japan Economic Partnership Agreement (PJEPA)
The PJEPA is an FTA between the Philippines and Japan that was signed in 2006. The PJEPA aims to increase trade and investment flows between the two countries by eliminating or reducing tariffs and other trade barriers. The Philippines has benefited from increased exports of agricultural and marine products to Japan under the PJEPA.
5. Philippines-United States Trade and Investment Framework Agreement (TIFA)
The TIFA is a framework agreement between the Philippines and the United States that was signed in 1989. The TIFA aims to strengthen trade and investment ties between the two countries by promoting dialogue and cooperation on trade-related issues. The Philippines is currently seeking a bilateral FTA with the United States.
These Philippine trade agreements with other countries have helped to boost the country`s trade and investment flows and promote economic growth and development. However, there are still challenges to be addressed in terms of tariff and non-tariff barriers, intellectual property rights protection, and labor and environmental standards. As such, the Philippine government needs to continue pursuing and implementing trade policies and reforms that are inclusive and beneficial to all sectors of society.