By Catherine N. Pillas
The Philippines has set its sights on forging bilateral free-trade agreements (FTAs) with countries currently included in the Trans-Pacific Partnership (TPP) negotiations.
This is to increase the country’s chances of being invited to the TPP should it decide to enter the broader, more demanding emerging trade grouping in the future, Trade Undersecretary for Industry Development and Trade Policy Adrian S. Cristobal Jr. said.
He said the Philippines already conducted bilateral talks with Mexico, Canada, Peru and Chile—all TPP members—at the recently concluded Asia-Pacific Economic Cooperation (Apec) meeting in Boracay.
“We are open to expanding our network of preferential FTA to strengthen our trade and export potential. We are open to explore these other bilateral agreements,” said Cristobal during a media briefing at the Board of Investments on Wednesday.
The country is eyeing to strengthen agreements on foreign- investment protection with Canada and Mexico, as well.
Cristobal said by leveraging on its Apec membership and engaging in bilateral FTAs with the TPP members, the Philippines will have a better chance of being included in the US-led trade grouping.
“Eventually, if we do enter TPP, it already helps if we have bilateral engagements; so it’s part of our diligent preparation. We already know what they want and what we require,” Cristobal added.
The move to engage in bilateral FTAs can also be seen as a logical step for the Philippines if it does not meet the high standards of the TPP when it opens its membership to other countries.
TPP countries have mentioned time and again the ambitious nature of the 12-country trade bloc.
They say as a modern trade agreement, it is expected to include “behind-the-border” trade issues such as intellectual-property right protection.
“Regardless of regional [agreements], we are going to pursue the bilaterals,” he said.
Aside from TPP member-countries, South Africa and Turkey also expressed interest in starting FTA talks with the Philippines, he added.
These bilateral talks were only initiated during the Apec meetings and, as such, are all still in the exploratory stage. Cristobal, however, said the interest of the Philippines for these bilateral pacts is strong.
The Department of Trade and Industry continues to express interest in the TPP even if the negotiations are now closed to new members.