Canada Philippines Free Trade Agreement

Canada is consistently referred to as a trading nation, with total trade accounting for more than two-thirds of its GDP (the second highest level in the G7 after Germany). [1] [2] Of this total, about 75% are treated with countries that are part of free trade agreements with Canada, particularly with the United States, on the North American Free Trade Agreement (NAFTA). [3] At the end of 2014, Canadian bilateral trade reached $1 trillion for the first time. [4] Use the drop-down menu to search for agreements by group of countries, type of agreement or status. Or use the filter option to search for keywords. The study was finally completed in September 2019 and it was found that a comprehensive agreement including the elimination of tariffs on goods and the liberalization of services and investments, complemented by the reduction of non-trade measures and the improvement of trade facilitation, was the best regime. In other words, a comprehensive free trade agreement would work in the best interests of ASEAN and Canada. For those who don`t know, a free trade agreement is an agreement between countries that relaxes and/or liberalizes tariffs, trade barriers (including non-tariff measures) and investment. The Philippines has concluded existing free trade agreements with ASEAN; Japan and Switzerland-Norway-Iceland and Liechtenstein.

Our asean membership has also established a free trade agreement between the Philippines and China, Australia, New Zealand, India and South Korea. When the study was commissioned, Canada was ASEAN`s sixth-largest trading partner, with bilateral trade of $20.2 billion. ASEAN recorded a considerable trade surplus with exports of goods and services of $14.3 billion over imports of $5.9 billion. Canadian foreign investment in ASEAN was $8.9 billion, while ASEAN investment in Canada was only $249.2 million. In 2018, bilateral merchandise trade between Canada and the Philippines was $US 2.43 billion, up from $US 2.24 billion in 2017. Canadian merchandise exports to the Philippines totaled $US 979.1 million in 2018, up from $842.5 million in 2017. Aerospace products, wood products, meat and iron ore are among the main export products. In 2018, Canada`s merchandise imports from the Philippines were valued at $US 1.5 billion, up slightly from $1.39 billion last year. The benefits were cited by articles of copper, nuclear machines, toys and games. Like Canada`s ongoing CETA negotiations with the European Union, this potential agreement appears to be a step forward in improving market access for the Philippine pork industry. . .

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