THE proposed Free Trade Agreement (FTA) between Philippines and Canada has yet to be pursued as both countries have just installed their new national leaders.
But the Canadian Chamber of Commerce of the Philippines (CCCP) president Julian Payne said the Canadian government led by Prime Minister Justin Trudeau will review the proposal of exploring on FTA.
“The liberal government said that it would review FTA, as Canada always welcome trade agreements,” Payne 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, 2015.
"The exploratory discussion of the proposed FTA is still yet to start depending if the incumbent Canadian Prime Minister and the President-elect of the Rodrigo R. Duterte will still consider idea," Payne said adding that Trudeau took the position by last quarter of 2015. Duterte took his oath as the 16th President of the Philippines yesterday, June 30.
"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," he said in a previous interview.
If the FTA will push through, it will be considered as a unique trade agreement between the both governments. The comprehensive FTA, once approved, will be the Canada's first trade agreement with a country from the Southeast Asia.
“We do not have any FTA with any Association of Southeast Asian Nations (Asean) country; it would be first if ever the PH-Canada FTA will push through. It would be quite interesting for us as Philippines will be our window to the Asean community, same as for PH as Canada will serve as the window into North America,” he said.
“It will encourage investment in both ways,” Payne added.
He said that no overlapping will happen as Philippines is a member of the Asean while Canada is a member of the North American Free Trade Agreement.
The Canadian Government is positive that under a Duterte administration the bilateral relations between countries will be boosted.
“The President-elect had made a clear that he wants to ease investment restriction that will help investment, he made it clear that he supports socially, environmentally responsible mining. Also his plan on Foreign ownership amendment will obviously help improve the situation of investments,” Payne added.