PH, US to pursue bilateral trade deal

PHILIPPINE will continue to pursue a possible free trade agreement (FTA) in a bid to improve bilateral ties between the two countries.

Trade Secretary Ramon Lopez met with Deputy US Trade Rep-

Wednesday and acknowledged that the current Trade and Investment Framework Agreement (TIFA) offered opportunities for increased engagement.

“We are looking forward to exploring a free trade agreement with the US,” Lopez was quoted as saying in a Finance department statement on Thursday.

“Meanwhile, we can simultaneously pursue low-hanging opportunities like the existing TIFA and the privileges under the Generalized System of Preferences (GSP),” he added.

Gerrish. meanwhile, was quoted as saying that “[US] President [Donald] Trump has made clear his commitment to the IndoPacific region and the United States values our very important trade relationship with the Philippines”.

“Greater engagement on trade

countries,” he added.

A range of Philippine goods currently enjoy preferential duty-free entry to the US through the GSP scheme, which Trump renewed earlier this year.

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billion. Leading GSP exports include tires, sugar, electronics, and fruit and vegetable juices.

The renewed GSP has extended the duty-free treatment to a number of travel goods and the Trade department also wants to add footwear to the list, which would pro-

prompt foreign manufacturers to locate in the Philippines.