US sees trade deals shoring up Asian strategy

THE United States views trade deals to be critical to its overall strategy in the Asia-Pacific, and considers the Philippines to be among the countries where trade agreements would be advantageous, the Department of Trade and Industry (DTI) said.

Trade Secretary Ramon M. Lopez told reporters in a mobile phone message: “Learned that USTR ( United States Trade Representative) Amb. ( Robert E.) Lighthizer has acknowledged in a recent US Congressional hearing that… having an FTA with… countries in the Pacific such as Japan, Malaysia and Vietnam” are key to the US strategy in the region and that pursuing increased trade with the Philippines is also “a reasonable first step” in pursuing this approach.

“I believe that this is a good indication we will be able to elevate the quality of our trade ties with the US, going beyond the current GSP arrangements,” Mr. Lopez added.

The US and the Philippines have been in talks for a bilateral trade agreement — the first taking place during President Donald J. Trump’s visit to the Philippines for the 31st Association of Southeast Asian Nations (ASEAN) summit in November.

Under the 1989 bilateral Trade and Investment Framework Agreement (TIFA), the United States and the Philippines have several agreed to cooperate in customs administration and trade facilitation protocol, and stopping illegal transshipments of textiles and apparel, among others.

According to the USTR, goods and services trade with the Philippines were worth $ 27 billion in 2016, with exports at $10.8 billion and imports at $ 16.2 billion. —