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Philippines – Japan Economic Partnership Agreement The Philippines and Japan concluded a free trade agreement in 2008. Abs is the only bilateral free trade agreement between the Philippines, which includes, among others, trade in goods, trade in services, investment, transport of natural persons, intellectual property, customs procedures, improvement of the business environment and government procurement. Other free trade agreements Under ASEAN, the Philippines has preferential trade agreements with China, Hong Kong, India, Japan, South Korea, Australia and New Zealand. Visit www.dti.gov.ph/15-main-content/dummy-article/682-free-trade-agreements and tariffcommission.gov.ph/finder/ to find a list of Philippine trade agreements and the corresponding customs plans and commitments. For more information on trade, please visit the website of the Http://pntr.gov.ph/ National Trade Repository of Philippines. == Trade in goods and services with the Philippines was estimated at $30.6 billion in 2019. Exports amounted to $12.1 billion; Imports amounted to $18.5 billion. The U.S. trade deficit with the Philippines amounted to $US 6.4 billion in 2019. However, since President Trump took office, the United States has shifted its trade policy from multilateral and regional trade agreements to bilateral trade agreements. In a short time, the United States withdrew from the Trans-Pacific Partnership (TPP), renegotiated the North American Free Trade Agreement with Canada and Mexico, imposed retaliatory duties on a large number of goods in order to impose concessions on what it considers unfair trade practices. It blocked the appointment of members to the WTO`s Appellate Body, which will ultimately lead to the suspension of the WTO`s dispute settlement system. China`s massive trade surplus with the United States has made it the bulk of this “fair and reciprocal bilateral trade policy.” The trade dispute between the United States and China is intensifying and impacting global economic growth.

Lopez said he plans to introduce shoes and clothing into the free trade agreement as duty-free goods. Manila aims to revive the country`s garment industry, which was hit in 1995 by the expiration of a quota system guaranteeing a market for Philippine exports. The U.S. administration`s goals in the Philippines are to strengthen democratic governance and support the Philippine government`s efforts to promote inclusive development and contribute to security and development cooperation in the Indo-Pacific. U.S. assistance to the Philippines promotes large-scale economic growth; improves the health and education of Filipinos; promotes peace and security; Promotes democratic values, good governance and human rights; and strengthens regional and global partnerships Department of Foreign Affairs, Department of Defense and United States International Development Agency (USAID) programs in mindanao`s conflict zones aim to create a sustainable basis for peace and stability in areas threatened by terrorism and violent extremism. U.S. aid aims to strengthen cooperation through a domestic approach that supports a free and open Indo-Pacific process. The United States has had a Peace Corps program in the Philippines for more than 50 years. “This is just the beginning and it will take some time, maybe one or two years,” Romualdez said, adding that the Philippines has a trade surplus of $5.4 billion in 2016 with the United States, one of the country`s main trading partners. Annual trade in goods and services between the Philippines and its long-term prescription amounted to $27 billion in 2016, according to the Office of U.S. Trade Representative.

This would be Washington`s second free trade agreement with a Southeast Asian country after Singapore. . . .

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