Manila: The announcement of the Philippines and Israel's intention to pursue free trade agreement (FTA) talks is certain to bring in more Israeli investments into the country. Visiting Israel Minister of Economy and Industry Nir Barkat said the Philippines and Israel 'actually are starting the process' to initiate negotiations on a free trade deal.

According to Philippines News Agency, Barkat mentioned that 'usually, it takes few years to sign an FTA. By defining that we will, many investors will start collaborating now,' he told reporters on the sidelines of a reception in Taguig City. The announcement of the FTA talks is expected to have an immediate impact, encouraging investors to begin their collaborations even before the agreement is officially signed.

Barkat highlighted that Israeli firms are eager to expand their businesses in the Philippines, particularly in the areas of agricultural and food technology. Israel aims to grow its already robust trade with the country, with Barkat emphasizing the importance of laying the foundation for long-term infrastructure to achieve substantial trade growth.

In a separate interview with the Philippine News Agency, Barkat expressed his goal of achieving ten times more trade in the next 15 to 20 years with all countries, including the Philippines. He sees the Philippines as a partner that could aptly 'complement' Israel both by scale and scope.

During his 4th State of the Nation Address, President Ferdinand R. Marcos Jr. also emphasized the Philippines' readiness to welcome local and foreign investors, particularly in the agriculture sector. Barkat's visit to Manila, accompanied by a business mission, aims to increase economic exchanges between the two countries. During his stay from July 28 to 30, he met with Filipino stakeholders and officials, including Trade Secretary Cristina Roque.