The Philippines will be taking steps to secure bilateral free-trade agreements (FTAs) with three countries on the sidelines of the Asia-Pacific Economic Cooperation (Apec) meeting next month, Trade Secretary Gregory L. Domingo said.
In a forum earlier this week, the trade chief expressed hope that the Philippines will get to engage Chile, Mexico and Canada in bilateral talks, at the Manila hosting of the Apec, to possibly build on earlier FTA discussions.
For Chile, FTA negotiations are still on the infancy stage. Manila and Santiago are planning to conduct a joint study to assess whether pursuing a bilateral FTA would be mutually beneficial.
A joint economic cooperation (JEC), meanwhile, is being eyed by the Philippines with Mexico. The two countries are slated to have a discussion on this on November 16.
“A JEC is not a prerequisite for an FTA, but is a building block toward it,” said another trade official, who declined to be named.
While the Philippines remains interested in an FTA with Canada, Domingo said both countries may have to reassess the timeline,
given the North American country’s change in administration.
The trade department ealier said it will aggressively engage six countries in bilateral talks. The representatives of these countries have approached the agency for FTA talks during the Apec Ministers Responsible for Trade meeting in Boracay in May.
The Philippines is particularly interested in forging bilateral trade ties with Mexico, Canada and Chile, since the three countries are currently included in the 12 negotiating members of the Trans-Pacific Partnership (TPP).
The TPP is a highly ambitious, expansive, and “modern” FTA among 12 countries representing 40 percent of global trade.
The Philippines has long stated its intention to join the TPP.