Philippine and US trade officials 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 Representative Jeffrey Gerrish met on 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 Indo-Pacific region and the United States values our very important trade relationship with the Philippines”.
“Greater engagement on trade and investment will benefit both 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.
In 2017, GSP exports accounted for 17.6 percent of Philippine exports to the US, valued at $ 1.492 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 promote local shoe firms and could prompt foreign manufacturers to locate in the Philippines.
Source: The Manila Times
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<p>Time: November 2025<br /> By: WTO and International Trade Group, Legal Department – VCCI</p>
