Canadian business calls for trade pact between Philippines, Canada

  • Page Views 2984
  • Canadian chamber president Julian H. Payne said that as the FTA is crucial to ensure the country’s position as a globally competitive, highly lucrative investment destination, they are pushing for the realization of the proposed agreement.

    “We are now in the process of gathering our members every meeting to discuss the background and inputstrade-pact regarding the FTA. Primarily our concern is how we can come up with a specific scope of the agreement so we will have clearer vision and direction towards this thrust,” he said.

    The FTA was first eyed when former Canadian Prime Minister Stephen Harper announced the launching of the possibility of exploring the FTA after the three-day state visit to Canada of President Benigno Aquino III last May 7-9.

    “The exploratory discussion of the proposed FTA is still yet to start depending if the incumbent Canadian Prime Minister Justin Trudeau will still consider idea,” Payne said adding that Trudeau took the position by last quarter of this year. But Payne is positive that the agreement will go ahead as Canada always welcome trade agreements.

    “I anticipate that this will go ahead but we must put it into account that both governments should remain to be interested with the proposed FTA especially now that Philippines will also have upcoming regular presidential elections, it really depends,” he said.

    If the Philippines-Canada FTA will push through, it will be considered as a unique trade agreement between the both governments.

    “There will be no overlapping, Philippines is a member of the Association of Southeast Asian Nations (Asean) while Canada is a member of the North American Free Trade Agreement (Nafta), if  the FTA will be realized it will open windows for both countries to other bigger markets,” Payne said.

    The comprehensive FTA, once approved, will be the Canada’s first trade agreement with a country from the Southeast Asia.

    At present Ayala land and Banco De Oro (BDO) have presence of business in Canada which could be considered as signs of growing partnership between the two trade-oriented countries.

    Official Canadian data showed that bilateral trade grew by an annual 2.5 percent to C$1.8 billion in 2014. Canadian merchandise imports from the Philippines came in at around C$1.24 billion, while a total of C$569.5 million is recorded for Canadian exports to the Philippines.

    The Philippines has FTAs with China, Japan, New Zealand, South Korea, Australia and other Asian countries under the Brunei Darussalam,Indonesia, Malaysia, Philippines-East Asean Growth Area.

    Share

    Leave a Reply

    New Posts Recently publish post More

    • 20 January 2018
      21 hours ago No comment

      GSIS plans more overseas investments

      State-run Government Service Insurance System ( GSIS ) is planning to invest $800 million overseas to diversify its investments and take advantage of good returns. In a press briefing, GSIS president and general manager Jesus Clint Aranas said the state pension fund is planning to further increase its overseas ...

    • 20 January 2018
      23 hours ago No comment

      New CEO Hired to Lead Innovation Boulevard

      Innovation Boulevard is pleased to announce the appointment of Louise Turner as its new CEO, effective January 2, 2018.  Louise will be responsible for all operations while she leads Innovation Boulevard into its next phase of growth and development. “I’m delighted that we have attracted such a knowledgeable, experienced ...

    • 20 January 2018
      1 day ago No comment

      How Facebook’s new algorithm will change the way users see content

      FACEBOOK never claimed itself to be a media company. It maintains it is a social network to connect people to other people. Those familiar with Facebook when it started in 2004 will know how it has changed from a story-sharing, people-connecting platform to one that curates and distributes content ...

    • 20 January 2018
      1 day ago No comment

      Paolo Duterte resigns as Davao City VM

      Paolo Duterte resigned as vice mayor of Davao City last Christmas. Out of delicadeza he said. OK. Let him follow what he think is the right move to do after his ‘skirmishes’ with his daughter via social media that let netizens around the world knew what kind of a ...

    • 19 January 2018
      2 days ago No comment

      Bank of Canada increases overnight rate target to 1 1/4 per cent

      The Bank of Canada today increased its target for the overnight rate to 1 1/4 per cent. The Bank Rate is correspondingly 1 1/2 per cent and the deposit rate is 1 per cent. Recent data have been strong, inflation is close to target, and the economy is operating ...

    %d bloggers like this: