The Marcos administration is actively expanding the Philippines' network of free trade agreements (FTAs) with multiple global partners, enhancing the country's economic ties and market access. Undersecretary Allan Gepty of the Department of Trade and Industry (DTI) highlighted ongoing negotiations and future plans to engage with both established and new trade partners.
According to Philippines News Agency, the Philippines is set to resume formal trade negotiations with the European Union (EU) by October, with specific dates proposed for the 14th or 18th. "This coming October, we'll now start the next round of negotiation," Gepty stated, pointing to a more comprehensive agenda in the upcoming talks. These discussions follow the joint announcement on March 18 by DTI Secretary Alfredo Pascual and European Commission Executive Vice President Valdis Dombrovskis to restart the Philippines-EU FTA talks, which had been paused since 2017.
Gepty also reported recent progress with the United Arab Emirates, where the Philippines concluded the second round of negotiations. "This is another milestone in our international trade relations because this will be the first time, if ever, that we will have an FTA with a Middle Eastern country. And that would be a good takeoff point also for us to access GCC (Gulf Cooperation Council) countries," he explained.
The undersecretary further disclosed the Philippines' ambitions to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a multilateral FTA involving countries such as Australia, Canada, Japan, and several others. The inclusion of the United Kingdom in the CPTPP has also bolstered the Philippines' interest in this trade pact, with intentions to apply within the current year.
"The President, during his last State of the Nation Address, made this directive towards more international economic partnerships," Gepty remarked, emphasizing that the Philippine Development Plan 2023-2028 specifically targets an expansion of the FTA network. This strategy includes pursuing bilateral FTAs with nations like Chile and exploring potential agreements with African countries in the medium term.
Currently, the Philippines holds bilateral FTAs with Japan and South Korea, in addition to multilateral agreements through ASEAN and with countries like China, India, and Australia through the Regional Comprehensive Economic Partnership. The Marcos administration secured its latest FTAs in 2022, reflecting a proactive approach in strengthening and diversifying the country's economic relationships globally.
"In parallel with forging these international trade agreements and economic relationships with various trading partners, it is also important that we engage with the private sector by intensifying the utilization of our FTAs," Gepty added, highlighting the dual approach of government negotiation and private sector engagement to maximize the benefits of these international partnerships.