Manila: Ongoing talks for a bilateral free trade agreement (FTA) between Canada and the Philippines are 'on track' to meet the governments' goal of concluding a deal by the end of 2026. Canadian Ambassador David Hartman made the statement Thursday, a day after the first round of FTA negotiations formally launched in Manila.
According to Philippines News Agency, the advanced discussions as co-participants in the Canada-ASEAN (Association of Southeast Asian Nations) free trade negotiations have expedited the process. Ambassador Hartman, speaking on the sidelines of a Stratbase ADR Institute forum in Makati City, emphasized the speed of the negotiations compared to traditional timelines. He expressed optimism about announcing the conclusion of the negotiations within the current year, highlighting the commitment of both parties to maintain the momentum.
The initial round of negotiations, set to occur from February 18 to 20, is led by Trade Undersecretary Allan Gepty and Canadian Director General of the Trade Negotiations Bureau Mary-Catherine Speirs. The FTA aims to enhance market access and promote an "open, inclusive, and rules-based international trading system" within the Indo-Pacific region.
The trade relationship between Canada and the Philippines is significant, with merchandise trade totaling 3.1 billion Canadian dollars in 2024. Canadian exports to the Philippines amounted to 1.4 billion Canadian dollars, while imports stood at 1.7 billion Canadian dollars. Key exports from Canada include mineral ores, meat, cereals, wood, machinery, electronics, fertilizers, and aircraft and parts. In return, Canada imports electronics, machinery, animal and vegetable oils, leather and rubber products, scientific instruments, and vegetable preparations from the Philippines.
In terms of investment, Canadian investment in the Philippines reached 983 million Canadian dollars in 2023, whereas Philippine investment in Canada was 58 million Canadian dollars.
