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MANILA -Commerce Secretary Alfredo Pascual on Wednesday stated that the Philippines shouldn’t be closing the doorways to formalizing commerce relations with america, a day after a senior commerce official from the western nation dashed hopes for a free commerce settlement (FTA) between the 2 allied nations beneath the Biden administration.
Pascual stated he already mentioned the matter with US Commerce Consultant Ambassador Katherine Tai a day earlier, the place additionally they tackled points regarding the Indo-Pacific Financial Framework (IPEF), in addition to the US-Philippines Commerce and Funding Framework.
“She can’t say in any other case as a result of their President has already made that pronouncement that there could be no FTAs throughout his time period. She is simply voicing that and we perceive,” Pascual advised reporters on the sidelines of the discussion board organized by the Administration Affiliation of the Philippines in Makati.
“We had a dialogue on this and we perceive the place she is coming from. But it surely can’t stop us from additional pushing,” he added.
Tai had advised the native press a day earlier that the US is presently not contemplating conventional FTAs because the “applicable” framework to deal with commerce challenges and alternatives to this point.
Regardless of this, Pascual stated they’re nonetheless hoping for the renewal of the Philippines’ eligibility to the US Generalized System of Preferences (GSP), which expired on the tail-end of 2020.
“On the minimal, we wish that to be renewed,” he stated, referring to the US commerce desire scheme which sees an extended line of Philippine exports having fun with duty-free remedy.
Philippine exports to the western nation beneath the GSP framework totaled round $1.6 billion in 2020, based on the Division of Commerce and Trade, rating fifth amongst GSP customers after Thailand, Indonesia, Brazil and Cambodia.
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