Canadian business calls for trade pact between Philippines, Canada

  • Page Views 4345
  • Canadian chamber president Julian H. Payne said that as the FTA is crucial to ensure the country’s position as a globally competitive, highly lucrative investment destination, they are pushing for the realization of the proposed agreement.

    “We are now in the process of gathering our members every meeting to discuss the background and inputstrade-pact regarding the FTA. Primarily our concern is how we can come up with a specific scope of the agreement so we will have clearer vision and direction towards this thrust,” he said.

    The FTA was first eyed when former Canadian Prime Minister Stephen Harper announced the launching of the possibility of exploring the FTA after the three-day state visit to Canada of President Benigno Aquino III last May 7-9.

    “The exploratory discussion of the proposed FTA is still yet to start depending if the incumbent Canadian Prime Minister Justin Trudeau will still consider idea,” Payne said adding that Trudeau took the position by last quarter of this year. But Payne is positive that the agreement will go ahead as Canada always welcome trade agreements.

    “I anticipate that this will go ahead but we must put it into account that both governments should remain to be interested with the proposed FTA especially now that Philippines will also have upcoming regular presidential elections, it really depends,” he said.

    If the Philippines-Canada FTA will push through, it will be considered as a unique trade agreement between the both governments.

    “There will be no overlapping, Philippines is a member of the Association of Southeast Asian Nations (Asean) while Canada is a member of the North American Free Trade Agreement (Nafta), if  the FTA will be realized it will open windows for both countries to other bigger markets,” Payne said.

    The comprehensive FTA, once approved, will be the Canada’s first trade agreement with a country from the Southeast Asia.

    At present Ayala land and Banco De Oro (BDO) have presence of business in Canada which could be considered as signs of growing partnership between the two trade-oriented countries.

    Official Canadian data showed that bilateral trade grew by an annual 2.5 percent to C$1.8 billion in 2014. Canadian merchandise imports from the Philippines came in at around C$1.24 billion, while a total of C$569.5 million is recorded for Canadian exports to the Philippines.

    The Philippines has FTAs with China, Japan, New Zealand, South Korea, Australia and other Asian countries under the Brunei Darussalam,Indonesia, Malaysia, Philippines-East Asean Growth Area.

    Share

    Leave a Reply

    This site uses Akismet to reduce spam. Learn how your comment data is processed.

    New Posts Recently publish post More

    • 22 February 2024
      5 days ago No comment

      Canada to open Indo-Pacific Agriculture and Agri-Food Office in Manila

      Canada is opening its new Indo-Pacific Agriculture and Agri-Food Office (IPAAO) in the Philippines. The IPAAO is expected to be inaugurated in Manila in February 2024 in a development coinciding with this year’s celebration of the 75th anniversary of the establishment of diplomatic ties between the two countries. The ...

    • 15 February 2024
      2 weeks ago No comment

      Canada, Philippines ranked in global corruption index

      February 16, 2024 — Transparency International has released its latest Corruption Perception Index, which scores 180 countries and territories by their perceived levels of public-sector corruption. The Berlin-based anti-corruption group’s 2023 CPI scores 180 countries and territories, using a scale from 0 to 100, with 100 being very clean ...

    • 08 February 2024
      3 weeks ago No comment

      Marcos-Duterte alliance splinters

      The rift between Philippine President Ferdinand “Bongbong” Marcos Jr. and his predecessor, Rodrigo Duterte, has taken a turn for the worse. Philippine political analysts say in media reports that this may be end of the political alliance that swept Marcos Jr. to the presidency and Duterte’s daughter Sara as ...

    • 25 January 2024
      1 month ago No comment

      Tara na!: Filipinos go for Pierre Poilievre

      VANCOUVER – Members of the Filipino community showed their all-out support to the Conservative Party of Canada as their leader, Pierre Poilievre, held a meet and greet last January 22 at the Holiday Inn Vancouver-Centre. Several Conservative MPs accompanied Poilievre as he talked about the latest issues and problems ...

    • 23 January 2024
      1 month ago No comment

      Rewind’ breaks domestic box office records

      MANILA — The 49th Metro Manila Film Fest entry “Rewind” is now the highest-grossing Filipino film in terms of domestic box office sales, amassing P815-million as of January 17. This surpasses the local box office records set by “Hello, Love, Goodbye” in 2019 and “The Hows of Us” in ...

    %d bloggers like this: