Philippines, Mexico may pursue bilateral trade

MANILA, Philippines - The Philippines and Mexico are likely to pursue a bilateral free trade agreement (FTA) in a move that will further deepen both countries’ strong ties bonded by historic connections, Department of Trade and Industry Secretary Ramon Lopez said.

In an interview, Lopez said he had a very positive meeting with Julio Camarena, ambassador of Mexico to the Philippines, last week wherein the idea of a future FTA between the two countries was floated.

Should the talks be pursued, Mexico will become the first Latin American country in which the Philippines will negotiate an FTA with.

“They want to pursue better economic partnership with us, but the economic partnership is still broad for now. Of course, the end game of this would be an FTA,” Lopez said.

“We will start the process. On our end, we will study the pros and cons,” he added.

During the meeting, Lopez said Camarena expressed Mexico’s “very bullish” stance on improving trade and investment in the Philippines.

According to Lopez, Camarena said there are several Mexican companies which are looking at investing in the country at present.

“They feel at home here because of the culture and the language of the people here. In fact, their trust and their investment in the Philippines is bigger than elsewhere.  Their investment here is bigger than any of their investment in China, Japan, or in any other Asian countries,” he said.

“They’ve been a good partner for us. So we will pursue with them strengthening of ties,” Lopez added.

Big Mexican companies that have invested in the country include Femsa, bottler of Coca-Cola, and Cemex, a building materials firm.

During the APEC Summit held in the country last year, Mexican President Enrique Peña Nieto vowed to “further strengthen the already durable ties” between Mexico and Philippines citing the similarities of the two countries.