US open to trade deal but tags concerns – DoF
The United States has cited several concerns that need to be addressed before it enters into free trade talks with the Philippines, a Cabinet official said on Monday.
In message to reporters, Finance Secretary Carlos Dominguez 3rd said that US Deputy Trade Secretary Jeffrey Gerrish had raised the matter in May while also expressing Washington’s interest in initiating informal preparatory meetings for a free trade agreement (FTA).
“The US also raised concerns involving agricultural products such as rice, meat and poultry, the Philippines’ customs processes, intellectual property rights and the need for an open, competitive market for electronic payment services before moving into discussions on FTA,” Dominguez said.
In a separate statement, the Finance department quoted Gerrish as having said that the US was “prepared to move forward” and proceed “to high-level discussions in the near future” to determine how the concerns can be addressed.
Dominguez, for his part, was quoted as telling Gerrish that the Philippines was committed to promoting “open markets and free trade.”
The Cabinet official also expressed the government’s concern over the brewing trade spat between the US and China, which he said would benefit the Philippines in the short term but lead to repercussions for economies across the world if the dispute worsens.
Gerrish said discussions with China “have been continuing,” the Finance department said.
The May meeting, which also included Trade Secretary Ramon Lopez and Agriculture Secretary Emmanuel Piñol, followed up matters discussed by Philippine President Rodrigo Duterte and US President Donald Trump last November.
Bilateral trade between the Philippines and the US amounted to $16.6 billion in 2017, the Finance department said. The US ranked second among the Philippines’ merchandise exports markets, buying $9.2 billion worth in 2017 — 4 percent higher compared to the previous year.
In terms of imports, US was the fourth largest source of goods bought from abroad by the Philippines, which spent $7.4 billion in 2017.
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