December 9, 2024 | 12:00am
MANILA, Philippines — Canada is interested in exploring opportunities in the development of the Luzon economic corridor in line with efforts to strengthen ties with the Philippines.
“The Philippines have talked to us about it, which is terrific. And we are very interested and I’m looking forward to learning more about it,” Canada’s Minister of Export Promotion, International Trade and Economic Development Mary Ng told The STAR when asked about the Luzon economic corridor.
Ng was in the country last week for Team Canada’s biggest trade mission to the Philippines, composed of 300 participants from firms engaged in clean energy, agriculture, infrastructure, as well as digital innovations, to explore trade and investment opportunities.
During the plenary session for Team Canada’s trade mission, Special Assistant to the President for Investment and Economic Affairs Frederick Go said the Luzon economic corridor is a major project being undertaken by the Philippines with the governments of the US and Japan.
Launched during the Trilateral Leaders’ Summit of the three countries held last April, the Luzon economic corridor is the first of its kind in the Indo-Pacific region. It is part of the Group of Seven or G7’s Partnership for Global Infrastructure and Investment initiative to promote investments in sustainable, inclusive, resilient and quality infrastructure.
Go said the Luzon economic corridor has identified a railway, which will link Subic, Clark, Manila and Batangas, as a flagship project.
“We have also received a lot of interest from the countries of Korea, the United Kingdom, Australia and Sweden to participate in this corridor,” he said.
He said possible projects around the corridor are in the fields of ports, clean energy, data centers, food sustainability and semiconductor supply chains.
Ng said there are many sectors where Canadian expertise aligns well with the Philippines’ needs particularly in energy and infrastructure.
“I’m looking forward to learning more (about the Luzon economic corridor) and I’m sure that Canadian businesses will also want to learn that as well,” she said.
During the Team Canada trade mission last week, she said the Philippines and Canada are set to begin exploratory talks for a bilateral free trade agreement (FTA), with the work to start by early next year.
“Businesses always say all the time that they want predictability, they want certainty and they want that through FTAs. So I am very excited that (Trade) Secretary (Cristina) Roque and I are about to begin exploratory discussions for a Canada-Philippines FTA,” she said.
Both sides are aiming to meet for the first round of exploratory discussions in the first half of 2025.
While plans to launch exploratory discussions for potential negotiations for a bilateral FTA between the Philippines and Canada have been announced as early as 2015, Ng said reforms undertaken in the Philippines to encourage investments have created excellent conditions for exploring a possible FTA now.
During Ng’s meeting with Roque, both parties also reaffirmed their commitment to the conclusion of the Association of Southeast Asian Nations (ASEAN) – Canada FTA (ACAFTA) by the end of 2025.
Ng said she is hopeful that Canada and the Philippines can build on the progress made for ACAFTA as they start exploratory talks for a bilateral FTA.
Launched in November 2021, ACAFTA is expected to link ASEAN and Canada to the global value chains and improve market access for both parties.
Be the first to comment