Canada Philippines Free Trade Agreement

As far as I am concerned, I am very much in favour of the free trade agreement simply because we need it. We need it to create jobs, reduce our growing trade deficit, attract foreign investment, expand our production base, increase our technology ratio and become even more competitive in areas where we are already good, such as BPOs. A free trade agreement with Canada is exactly what we need to accelerate our recovery from the pandemic. In 2018, two-way merchandise trade between Canada and the Philippines reached $2.43 billion, up from $2.24 billion in 2017. Canadian merchandise exports to the Philippines reached $979.1 million in 2018, up from $US 842.5 million in 2017. Major export products include aerospace products, wood products, meat and iron ore. In 2018, Canadian merchandise imports from the Philippines were estimated at $1.5 billion, slightly higher than the previous year, at $1.39 billion. The gains were reported by copper items, nuclear machines, toys and games. Canada is conducting exploratory discussions on bilateral or multilateral free trade agreements with the following countries and trade blocs, although formal negotiations have not yet begun:[7] Use the drop-down menu to seek agreement by group of countries, type of agreement or status. Or use the filter option to search for keywords.

The study was finally completed in September 2019 and it was found that a comprehensive agreement including the abolition of tariffs on products as well as the liberalization of services and investment, supplemented by reductions in non-trade measures and improved trade facilitation, was the optimal regime. In other words, a comprehensive free trade agreement would work in the interests of ASEAN and Canada. The North American Free Trade Agreement between Canada, the United States and Mexico came into force on January 1, 1994 and created the world`s largest post-GDP free trade region. Until 2014, NAFTA`s GDP was estimated at more than $20 trillion, with a market of 474 million people. [5] [6] Based on this success, Canada continues to negotiate free trade agreements with more than 40 countries and has free trade agreements, most recently with South Korea, Canada`s first free trade agreement with an Asia-Pacific partner. Since 2018, Canada has also concluded two other important multilateral trade agreements: the Comprehensive Economic and Trade Agreement (CETA) with the European Union and the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) agreement with 10 other Pacific countries. [7] On September 21, 2017, CETA was provisionally implemented, immediately removing 98% of the EU`s customs positions on Canadian products. [8] Canada is currently the only G7 country to have free trade agreements with all other G7 countries.