The Philippines has been actively expanding its trade relations with other countries. One way it does this is by entering into international trade agreements with other nations.
International trade agreements are agreements between countries to reduce or eliminate trade barriers between them, such as tariffs, quotas, and other restrictions. These agreements aim to promote trade and investment, increase economic growth, and create job opportunities.
Over the years, the Philippines has entered into various international trade agreements with other countries. Some of the notable ones include:
1. ASEAN Free Trade Area (AFTA) – The ASEAN Free Trade Area is a regional trade agreement between the ten member countries of the Association of Southeast Asian Nations, including the Philippines. AFTA aims to create a free trade area by reducing tariffs and trade barriers among member countries.
2. Japan-Philippines Economic Partnership Agreement (JPEPA) – The JPEPA is a bilateral trade agreement between Japan and the Philippines. It aims to promote trade and investment between the two countries by reducing or eliminating tariffs and other trade barriers.
3. Philippines-European Free Trade Association Free Trade Agreement (PH-EFTA FTA) – The PH-EFTA FTA is a trade agreement between the Philippines and the European Free Trade Association (EFTA), which consists of Iceland, Liechtenstein, Norway, and Switzerland. This agreement aims to increase trade and investment between the Philippines and EFTA countries by reducing or eliminating tariffs and trade barriers.
4. Philippines-Korea Free Trade Agreement (PKFTA) – The PKFTA is a bilateral trade agreement between the Philippines and South Korea. It aims to promote trade and investment between the two countries by reducing or eliminating tariffs and other trade barriers.
These trade agreements have had a positive impact on the Philippine economy by increasing trade and investment with other countries. They have provided more opportunities for Philippine businesses to expand their markets and access new customers.
In conclusion, the Philippines has been proactive in pursuing trade agreements with other countries to increase its economic growth and create more job opportunities. These agreements have been beneficial for the Philippine economy by reducing or eliminating trade barriers and promoting trade and investment with other countries. It is expected that the Philippines will continue to explore and enter into more international trade agreements as it seeks to further expand its global economic reach.