THE Department of Trade and Industry (DTI) is confident of starting the negotiations for a free trade agreement (FTA) between the Philippines and the United States under the leadership of new US President Donald Trump.
At the launch of the Doing Business in the Philippines book, DTI Undersecretary Ceferino Rodolfo, who is also vice chairman and managing head of the Board of Investments, said he is more optimistic that FTA talks with the US will begin under the term of Trump.
Rodolfo said, some of Trump’s appointees have previously expressed support for closer economic ties with the Philippines and it also helped that Republicans control the US Congress, unlike under the term of former US President Joe Biden.
“For President Biden, for his administration, it was so difficult to even have a watered-down statement that would say that the US notes the Philippines’ interest in a bilateral free trade agreement. Take that in contrast with the statement from President Trump in 2017,” Rodolfo told European businesses at the forum.
He added that the Biden administration was very cautious in responding to the Philippines’ proposal for a bilateral FTA. The possible FTA talks with the US can also help beef up FTA talks with the European Union, he added.
“That will also push all of us to hurry up a bit in terms of what we already started in terms of the Philippines-EU FTA. The EU has a headstart. We are now in the second round,” Rodolfo said.
The Philippines-European Union FTA talks will begin the second round of negotiations next month.
EU Ambassador to the Philippines Massimo Santoro said they will determine what areas for cooperation will be discussed like what areas are already ripe for talks or areas that may still need further negotiations or talks.
Having the PH-EU FTA is also one of the wishes of the European Chamber of Commerce in the Philippines (ECCP). The group said the conclusion of the negotiations may happen next year or in 2027.
Aside from the FTA, ECCP also hopes for the Philippines to continue with its policy reforms to increase trade and investments. (ABS-CBN News)
