MANILA, Philippines – Exploratory talks between the Philippines and Canada for a free trade agreement (FTA) are likely to resume later this year once the country’s new administration has settled.
In an interview yesterday, Canadian Chamber of Commerce of the Philippines (CanCham) president Julian Payne said the group representing both Canadian and Filipino businesses is confident a bilateral agreement between the two countries would start moving forward this year.
“We expect it to continue later in the year. They have to finalize the exploration stage and they have to decide to negotiate,” Payne said.
During President Aquino’s state visit to Canada in May last year, the two nations agreed to explore entering into a bilateral FTA.
Discussions for the FTA, however, were halted as Canada had a change in administration while the Philippines is also bound to do so by the middle of the year.
“The new Canadian government is getting itself settled, but now we have to wait for this (Philippine elections). I don’t think much is going happen between now and then but my guess is eventually, those negotiations will start and that will open another window,” Payne said.
“But you have to look at the statements of the candidates on what their view is regarding the agreement. So far, I haven’t see any regarding Philippines-Canada FTA,” he added.
An FTA with Canada is seen to open up more business, investment and job opportunities for Filipinos.
With the Philippines a member of the Association of Southeast Asian Nations and Canada part of the North American Free Trade Agreement, Payne said an FTA between the two countries would open opportunities for both to tap on other bigger markets.
“There is a growing awareness in Canada of the opportunities in Asia, and in particular, the Philippines in recent years obviously because the economy has been improving, the investment grade upgrades, and monetary and fiscal policies are very good, so these are all big pluses,” Payne said.
“Also other factors spurring interest is the potential membership of the Philippines in the Trans-Pacific Partnership (TPP),” he added.
Canada is a TPP-member economy along with Brunei, Chile, New Zealand, Singapore, Australia, Japan, Malaysia, Mexico, Peru, United States and Vietnam.
Philippines, Canada to resume free trade talks – #JHedzWorlD
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