US wants thorough FTA with RP

Philippine Chamber of Commerce and Industry (PCCI) president and concurrent Confederation of Garments Exporters (CONGEP) chairman Donald Dee said yesterday that the United States prefers a comprehensive Free Trade Agreement (FTA) with the Philippines rather than a sectoral agreement on garments only.

Dee, who was part of an exploratory mission that visited the United States last month for possible talks on a bilateral garments agreement, reported that the Philippine team led by Senior Trade Undersecretary Thomas G. Aquino met with several high-ranking US officials.

The US officials, Dee said, listened to the Philippine group’s concerns about continued access of Philippine garments to the US market in the face of strong competition from such countries as China.

However, Dee disclosed, US officials indicated their continuing preference for a comprehensive FTA in spite of several major stumbling blocks that include intellectual property rights (IPR) and agricultural access issues.

The Philippines, Dee said, would be interested in an FTA in terms of attracting new investments rather than for trade benefits.

The US has already secured an FTA with Singapore and is in talks with Thailand and Malaysia.

Since an FTA takes time to negotiate, the Philippines is trying to secure a bilateral preferential agreement specifically for the garments and textile sector.

The bilateral agreement would be similar to an arrangement extended to Africa.