PH looks at Canada as gateway to North America
The Philippines’ proposed free trade agreement (FTA) with Canada could provide Philippine exporters a potential gateway to the wider North American market, a trade official said on Friday.
Trade Undersecretary Ceferino Rodolfo said Canada’s membership in the Canada-United States-Mexico Agreement (Cusma) could allow Philippine goods to enter the US and Mexican markets.
Rodolfo told reporters on the sidelines of a Philippines-Canada forum that this would only be possible if Philippine exports undergo additional processing in Canada before being shipped to the United States or Mexico in order to comply with the trade bloc’s rules of origin.
On the other hand, a bilateral trade agreement could also allow Canada to use the Philippines as a gateway to Southeast Asia.
Mary Ng, former minister of export promotion, international trade and economic development in Canada, said the region offers a rapidly expanding market for trade and investment.
“The Asean is the fifth-largest economy in the world today,” Ng said. “And by the end of this decade, by 2030, it’s going to be even more. It’s 700 million people and consumers.”
She was referring to the 11-member Association of Southeast Asian Nations, which include the Philippines.
“This region is projected to have 20 percent of the global middle class,” Ng said. “For Canada…the opportunity is for middle-powered countries to collaborate more intentionally with other partners in an effort to diversify and ensure economic security.”
Talks for a Philippines-Canada FTA began in February and will resume in April.
