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Why Are Free Trade Agreements Necessary For The Philippines

Posted on April 15th, 2021 in Uncategorized by

 

Philippines – Japan Economic Partnership Agreement The Philippines and Japan concluded a free trade agreement in 2008. The VPA is the Philippines` only bilateral free trade agreement covering, among other things, trade in goods, trade in services, investment, personal transport, intellectual property, customs procedures, improving the business environment and public procurement. The Investment Chapter (Chapter 7) establishes a requirement for contracting parties to authorize the investments of other contracting parties in accordance with their laws and regulations. It also expresses the intention of the parties to offer investors from other parties stable, non-discriminatory and transparent investment conditions and stresses the importance of investment promotion. In addition, the parties recognize that it is inappropriate to encourage investment by relaxing health, safety and environmental standards. Finally, the chapter provides for a review of investment issues within five years of the agreement`s entry into force, taking into account the treatment of non-party parties in other free trade agreements. For eFTA-Philippines trade statistics, see EFTA`s trade statistics tool The parties recognize that economic development, social development and environmental protection are interdependent. In Chapter 11, they reaffirm their commitment to multilateral contracts and principles in the environment and work and commit to a level of protection by recognizing the right of each party to set its own level of environmental and labour protection. Arbitration procedures do not apply to this chapter. Philippines – European Free Trade Association Free Trade Agreement The Philippines and EFTA countries – Iceland, Liechtenstein, Norway and Switzerland – signed a free trade agreement in 2016, which is expected to enter into force in 2018. The Philippines-EFTA covers trade in goods, trade in services, investment, competition, intellectual property, government procurement, trade and sustainable development. ASEAN Merchandise Trade Agreement The 2010 ASEAN Goods Trade Agreement (ATIGA) consolidated all commitments of the ASEAN Effective Customs Free Trade Area (CEPT/AFTA) for merchandise trade.

It aims to create an internal market and a production base with the free movement of goods in the ASEAN region, an important part of the ASEAN Economic Community (AEC). ATIGA includes tariff liberalization, initiatives to facilitate trade, simplification of rules of origin and the creation of an ASEAN trade register. Visit investasean.asean.org/ for up-to-date information on ASEAN trade. The agreement contains detailed provisions on trade facilitation (Annex VI), including some more WTO provisions. The provisions are open, among other things, to preliminary decisions and limit the possibility of new fees and taxes. As a large-scale agreement, the free trade agreement covers trade in goods, trade in services, investment, competition, protection of intellectual property rights, public procurement, trade and sustainable development. In the area of merchandise trade, EFTA removes all tariffs on industrial products from the time the agreement comes into force, while the Philippines will gradually reduce or eliminate its tariffs on the vast majority of these products. The agreement also provides for tariff concessions for both agricultural commodities and processed agricultural products in the bilateral annexes VIII to X of the agreement.

Specific provisions to facilitate trade in fish and other seafood are contained in a separate annex of the trade chapter (Annex V).

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