EFFORTS to expand the Philippines’ trade network will provide the country more options to boost economic growth amid global economic challenges and geopolitical shifts, government officials said.
Trade Undersecretary Allan Gepty said that robust free trade agreements (FTAs) would help cushion the impact of a changing global environment.
“There will be [a] transition — the question is not really how fast the acceleration or the diversification [will be] — but I think the most important question is the fact that we’re offering options or additional opportunities for our people and stakeholders,” he said.
Gepty said that this was in line with strategies under the Philippine Development Plan, a view underlined by Foreign Affairs Assistant Secretary JV Chan-Gonzaga, who said that efforts to broaden trade relationships were already underway even before US President-elect Donald Trump threatened to raise import tariffs.
“On the economic side, what has been an important, compelling factor is our experience with the [Covid-19] pandemic and with some of the conflicts in other parts of the world, which have all affected the supply chains,” Gonzaga said on Friday.
The government’s commitment to diversifying its trade markets will safeguard its economic interests and ensure long-term stability amid global uncertainties, the officials said.
The Philippines is eyeing the resumption of free trade discussions with the European Union by February next year. Talks were put on hold in 2017 after the EU raised concerns over alleged rights abuses by the government of then-President Rodrigo Duterte.
Gepty noted that a deal with the EU would cement preferential market access for Philippine products. He noted that the country currently enjoys this via the Generalized System of Preferences Plus scheme.
Last week, meanwhile, Acting Trade Secretary Ma. Cristina Roque and Chile’s Minister of Foreign Affairs Alberto van Klaveren agreed to start negotiations for a Comprehensive and Economic Partnership Agreement (CEPA).
Beyond the trading of goods and services, the CEPA is expected to encompass areas such as intellectual property rights; the digital economy; micro, small and medium enterprises; the environment; and labor and gender, among others.
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