Philippines hopes to conclude FTA talks with Canada in November

MANILA, Philippines — The Philippines is looking to conclude negotiations for a free trade agreement (FTA) with Canada by November, according to the Department of Trade and Industry.

“We’ll really try our best to conclude the negotiation, hopefully, this November,” Trade Undersecretary Allan Gepty said during the Tariff Commission’s public consultation for the Philippines-Canada FTA yesterday.

He said the directive of President Marcos is to complete the FTA talks with Canada within the year.

Negotiations for the Philippines-Canada FTA were launched in October last year by President Marcos and Prime Minister Mark Carney.

So far, there have been two rounds of FTA talks, with the first round held in February in Pasay City and the last one in April in Mandaluyong.

Gepty’s presentation showed that the third negotiating round for the FTA will be held by the end of this month in Ottawa, Canada.

Discussions on market access for goods are expected to be covered during the third round of FTA talks.

Gepty said Canada is a major trading partner for the Philippines.

Of the country’s 229 trading partners, Canada ranked 16th last year, with total bilateral trade reaching $2.15 billion.

Last year, the Philippines’ exports to Canada amounted to $1.31 billion.

The country’s top exports to Canada are copper and refined copper.

Meanwhile, the Philippines’ imports from Canada reached $840 million last year.

Given the trade surplus for the Philippines, Gepty said the government sees many opportunities for the country’s exporters in Canada.

“If we have a stable platform, a preferential market access, expectedly, our exports will increase because in the process, we create opportunities,” he said.

In terms of services, he said there are also opportunities that Philippine firms can explore in Canada in terms of retail distribution and financial services.

The FTA being negotiated with Canada is also expected to help attract investments to the Philippines.