The Philippine and United States governments jointly announced that huge strides have been made towards resolving bilateral trade issues under the Trade and Investment Framework Agreement (TIFA), saying that both parties are committed to enhance economic ties.
This was contained in a joint statement issued by US Trade Representative Robert Lighthizer and Department of Trade and Industry (DTI) Secretary Ramon Lopez on Monday evening here.
In the joint statement, the United States Trade Representative (USTR) recognized the Philippines’ adherence to World Trade Organization (WTO) rules, ensuring WTO-consistent valuation on agricultural imports as well as the country’s commitment to fair trade by not launching policies that would restrict or prohibit the entry of US products to the Philippine market.
The USTR also noted that Philippine government’s effort to protect geographical indications (GI).
On the other hand, the Philippine government welcomed the resolution of the issues on market access for its agricultural products such as mango, young green coconuts, and carrageenan, as well as the inclusion of travel goods under the Generalized System of Preferences (GSP) granted by the US government to the Philippines.
Under the US GSP, some USD1.5 billion worth of Philippine exports to the US entered the market duty-free.
Moving forward, the two governments committed to strengthen bilateral economic relations.
“Both governments agree that enhanced bilateral engagement on trade under the TIFA should include work that yields benefits for agricultural producers, importers, exporters and consumers, and intend to work together in a number of areas,” the joint statement read.
Lighthizer and Lopez stated that the two countries will collaborate on the “development of cold chain requirements and best practices in the Philippines, taking into account international guidelines and codes of practice regarding food hygiene adopted by the Codex Alimentarius Commission”. (PNA)
