A delegation of high-level businesses and investors from the United States of America is set to visit the Philippines in the coming week to discuss the enhancement of trade and investment relations between the two countries.
In a news forum on Saturday, March 9, 2024, Jollan Margaret Llaneza, the Department of Trade and Industry’s (DTI) Foreign Trade Service Officer, said that the Philippines expects forming commercially meaningful partnerships with US businesses and investors.
The delegation will be led by US Commerce Secretary Gina Raimondo.
“There will be a high-level delegation comprised of 22 business delegates, C-level representatives from strategic sectors and iyong pag-uusapan po next week is of course how to enhance our trade and investment relations,” she said.
“Ang goal po natin dito is of course to foster iyong relationship ng ating Philippine business sector with their American counterparts para po magkaroon tayo ng mga commercially meaningful na partnerships,” she added.
The visit will be made following the commitment of US President Joe Biden to send high-level trade and investment missions to the Philippines.
President Ferdinand “Bongbong” Marcos Jr. met with Biden during his visit to the US in 2023.
Marcos and DTI Secretary Alfredo Pascual will meet with the US business delegation.
Llaneza noted that the US is among the Philippines’ top three trading partners, along with Japan and China, both of which are part of the Regional Comprehensive Economic Partnership Agreement (RCEP).
The country benefits from these trade agreements through much lower tariff rates as well as more liberalized market access for Filipino exporters.
“Kung mapapansin ninyo po si US po at si Japan are actually our strategic partners. So, kung napapansin ninyo po iyong sa discussion po kanina mayroon po silang napapag-usapan na mga other defense treaties – so, part po iyan ng kabuuan ng ating strategic partnership with the United States,” she said.
“Sa Japan naman po, mayroon po tayong mga policy instruments that frame our economic relations. So, mayroon po tayong bilateral free trade agreement with Japan iyong tinatawag po natin na Philippines-Japan Economic Partnership Agreement or iyong PJEPA and mayroon din po tayong agreement with actually with them under the context of ASEAN,” she added.