RP to forge more free-trade deals
Manila Times | Friday, July 23, 2010
RP to forge more free-trade deals
By Ben Arnold O. De Vera
July 23 — The Philippines is keen on joining the negotiations for the inter-regional economic integration as well as starting informal talks with the European Union (EU) for a possible bilateral trade pact, the Trade department said. Department of Trade and Industry (DTI) Secretary Gregory Domingo told reporters that the government has to engage in trade talks because the country would be put in a disadvantage in light of the globalized economy.
"You have to be part of every trade agreement; to not be a part is a disadvantage," Domingo said.
"Our interest is not free trade per se, but the interest of Filipino businesses and consumers," he added.
The DTI chief said the Philippines should address first issues on labor and environmental standards before it could join the Trans-Pacific Partnership Agreement (TPP) negotiations.
This agreement aims for the economic integration of countries in Asia and the Pacific Rim. The nations that are involved in the talks are Australia, Brunei, Chile, New Zealand, Peru, Singapore, the US and Vietnam.
These nations have come up with a process through which additional countries can come in amid ongoing negotiations.
The second round of negotiations for the TPP Agreement was held in June, but talks are expected to continue until next year.
Besides TPP, the Philippines and the EU will start informal talks for a possible free trade agreement (FTA).
The Philippines and EU recently signed a Partnership and Cooperation Agreement (PCA), which covers areas such as counter-terrorism, education and culture, human rights, migration, politico-security concerns, as well as energy, transportation, and trade and investment.
With the PCA in place, the Philippines must pursue a bilateral FTA with the regional bloc since the EU is now also in discussions with individual members of the Association of Southeast Asian Nations (Asean) for a similar trade deal, pundits said.
Asean groups the Philippines, Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Singapore, Thailand and Vietnam.
The bloc’s members started conducting talks with the UE after negotiations for a regional trade agreement bogged down last year.
In addition to these accords, Domingo said the DTI will also keep an eye on sub-agreements, or the details and guidelines of various trade pacts the Philippines has entered.
"Sub-agreements are more important. Sometimes the agreement is balanced but the timing of the implementation may be good or not," he said.
The Philippines has a bilateral trade accord with Japan called the Japan-Philippines Economic Partnership Agreement.
As an Asean member-country, the Philippines is also involved in the Asean Trade in Goods Agreement, as well as in the bloc’s trade deals with Australia and New Zealand, China, India, Japan and Korea.
Domingo said DTI acknowledges the need for a single body to spearhead trade negotiations.
"[There should be] only one chief negotiator," he said.
At present, DTI, as well as the Departments of Agriculture and of Foreign Affairs engage in various trade negotiations.
