AmCham Says Not to Expect US Free Trade Agreement Deal

In light of the United States midterm election set for November, the American Chamber of Commerce of the Philippines (AmCham) has stated that a free trade agreement (FTA) with the Philippines and the United States may not be feasible with Biden’s first term in office.

The AmCham Executive Directo Ebb Hinchliffe mentioned that “Right now everybody’s concerned about China and the trade with China, more than they are to trade with the Philippines,”

“We’re kind of on the back burner. So I don’t see any kind of free trade agreement coming out, even maybe in the first term of Biden because he’s got other things to contend with,”  said Hinchliffe.

This month, Trade Secretary Alfredo Pascual stated that the Philippines is aiming for an FTA with the United States in order to expand investment and trade opportunities.

“We now wish to pursue a free trade agreement (FTA) with the US, which will be a more binding and permanent mechanism to lock in market access preferences and other binding commitments to expand trade and investment opportunities between our two countries,” said Sec Pascual in an AmCham general membership meeting.

“I’ve brought this up in several public forums, and I hope our colleagues from the US are listening,” mentioned Sec Pascual.

Sec Pascual also mentioned that the United States and other countries are currently working on the Indo-Pacific Economic Framework (IPEF) and that the ministerial meeting on this is scheduled in Los Angeles for September.

Sec Pascual says that the United States is the third largest trading partner for the Philippines, the fifth largest import supplier, and the top export market destination.

Source: Philstar