Trade Secretary Alfredo Pascual said that the Philippines is not closing the doors to formalizing trade relations with the United States, a day after a senior trade official from the western country dashed hopes for a free trade agreement. /PDI
Tai had told the local press a day earlier that the US is currently not considering traditional FTAs as the “appropriate” framework to address trade challenges and opportunities to date.
Despite this, Pascual said they are still hoping for the renewal of the Philippines’ eligibility to the US Generalized System of Preferences , which expired at the tail-end of 2020. “At the minimum, we want that to be renewed,” he said, referring to the US trade preference scheme which sees a long line of Philippine exports enjoying duty-free treatment.
Philippine exports to the western country under the GSP framework totaled around $1.6 billion in 2020, according to the Department of Trade and Industry, ranking fifth among GSP users after Thailand, Indonesia, Brazil and Cambodia. INQUIRER.net wants to hear from you! Take part in our reader survey and help us be better. Click on this image to answer.Subscribe to our daily newsletter
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