Canada Philippines Trade Agreements

Recognizing the need to promote inclusive and sustainable growth and post-economic recovery, Lopez expressed the country`s openness to engaging other ASEAN members and Canada in non-traditional trade areas such as labour, environment, culture, gender and indigenous peoples. The DTI said ACANFTA is designed to help deepen trade relations between the Philippines and Canada and contribute to the post-pandemic economic recovery. Lopez joined other ASEAN trade ministers and Canada`s Minister of International Trade, Export Promotion, Small Business and Economic Development, Mary Ng, announcing the opening of ACANFTA negotiations at a virtual conference on Nov. 17. In trade in goods and services, the Philippines already has a trade surplus with Canada. The surplus was $771 million last year. Fortunately, Philippine exports are generally in line with Canada`s needs. The study shows that if the free trade agreement is concluded, the Philippines can reasonably expect a 35 percent increase in exports of apparel, chemicals, rubber and plastic, as well as an 8.8 percent increase in wood and metal products. ASEAN`s gross domestic product (GDP) is expected to grow by $39.4 billion, or 1.6 per cent, while Canada`s GDP is expected to grow by $5.1 billion, or 0.3 per cent, due to tariff liberalization, reduced non-tariff measures and improved trade facilitation. Overall, the country will benefit greatly from an ASEAN-Canada free trade agreement because of its positive impact on trade, investment, economic activity and tax revenues. Above all, it will create jobs – jobs that the country needs after the economic bloodshed of the COVID-19 pandemic.

Last year, Canada was the Philippines` 18th largest trading partner with a trade volume of $925.7 million. MANILA, Philippines – The Philippines supports negotiations on a free trade agreement (FTA) between the Association of Southeast Asian Nations (ASEAN) and Canada, as it expects the agreement to strengthen trade relations and recovery from the pandemic. In 2018, bilateral trade in goods between Canada and the Philippines totalled $2.43 billion, up from $2.24 billion in 2017. Canadian exports of goods to the Philippines totalled $979.1 million in 2018, up from $842.5 million in 2017. The most important export goods include aerospace products, wood products, meat and iron ore. In 2018, Canada`s imports of goods from the Philippines were estimated at $1.5 billion, up slightly from $1.39 billion a year earlier. The winnings were driven by copper objects, nuclear machines, toys and games. Learn about Canada`s trade and investment agreements: types of agreements and how trade and investment agreements evolve in stages. Canada is conducting exploratory talks on bilateral or multilateral free trade agreements with the following countries and trading blocs, although formal negotiations have not yet begun:[7] The study was finally concluded in September 2019 and it was found that a comprehensive agreement that included the elimination of tariffs on goods and the liberalization of services and investment, Complemented by the dismantling of non-trade-related measures and the Improving Trade Facilitation, it was the optimal regulation. In other words, a comprehensive free trade agreement would work in the best interests of ASEAN and Canada.

As far as I am concerned, I am very much in favour of the free trade agreement, simply because we need it. We need them to create jobs, reduce our ever-growing trade deficit, attract foreign investment, expand our manufacturing base, increase our technology quotient, and become even more competitive in areas where we are already good, such as IT BPOs. A free trade agreement with Canada is exactly what we need to accelerate our recovery from the pandemic. Canada negotiates bilateral free trade agreements with the following countries and trading blocs:[7] Canada is regularly designated as a trading nation because its total trade accounts for more than two-thirds of its GDP (the second highest level in the G7 after Germany). [1] [2] Of this total trade, approximately 75% is with countries that are part of free trade agreements with Canada, particularly with the United States through the North American Free Trade Agreement (NAFTA). [3] At the end of 2014, Canada`s bilateral trade reached C$1 trillion for the first time. [4] Private companies will also benefit. Doors of opportunity will open for Philippine manufacturers and service providers to export to Canada and the 51 countries with which it has preferential trade agreements. And as cross-border investment is liberalized, our business people have the opportunity to form partnerships and/or alliances with Canadian clients. .