The United States and the Philippines have a strong trade and investment relationship, with more than $27 billion in goods and services traded (2086). The United States is one of the largest foreign investors in the Philippines and the Third largest trading partner of the Philippines. Philippines – Japan Economic Partnership Agreement The Philippines and Japan concluded a free trade agreement in 2008. Abs is the only bilateral free trade agreement between the Philippines, which includes, among others, trade in goods, trade in services, investment, transport of natural persons, intellectual property, customs procedures, improvement of the business environment and government procurement. Agreement on ASEAN Products The 2010 Agreement on ASEAN Products (ATIGA) bound all commitments under the Common Preferential Duty/ASEAN Free Trade Area (CEPT/AFTA) concerning trade in goods. The aim is to create an internal market and a free-flow production base in the ASEAN region, an important component of the ASEAN Economic Community (ACS). ATIGA includes customs liberalization, initiatives to facilitate trade, simplification of rules of origin and the creation of an ASEAN trade repository. Visit investasean.asean.org/ for updates on ASEAN trade. The U.S. administration`s goals in the Philippines are to strengthen democratic governance and support the Philippine government`s efforts to promote inclusive development and contribute to security and development cooperation in the Indo-Pacific. U.S. assistance to the Philippines promotes large-scale economic growth; improves the health and education of Filipinos; promotes peace and security; Promotes democratic values, good governance and human rights; and strengthens regional and global partnerships Department of Foreign Affairs, Department of Defense and United States International Development Agency (USAID) programs in mindanao`s conflict zones aim to create a sustainable basis for peace and stability in areas threatened by terrorism and violent extremism.
U.S. aid aims to strengthen cooperation through a domestic approach that supports a free and open Indo-Pacific process. The United States has had a Peace Corps program in the Philippines for more than 50 years. In addition, in recent years, the Philippines has taken a number of market-opening measures in various sectors, improved its IP protection and enforcement environment, and launched a public debate on reforming the country`s constitution to allow for increased foreign investment in certain sectors. The previous Philippine government led by President Aquino had publicly expressed interest in joining the TPP, with the support of the United States. Chamber and USAID have prepared a readiness assessment that identifies areas where further reforms would be needed if Manila joined the agreement. Manila certainly seems ready for such a negotiation. In October 2018, Lopez and Robert Lighthizer, the U.S. Trade Representative, announced that bilateral trade issues between the two countries had been settled under the Trade and Investment Framework Agreement (TIFA). Lopez said that even without the trade deal, Philippine exports to the U.S.
grew by 10 percent last year. .