"We must persevere," Aquino told The STAR even as he acknowledged that at present the US is not inclined to negotiate any agreement other than a comprehensive FTA.
However, with the shift of power in the US Congress from the Republicans to the Democrats, Aquino expressed some optimism that a policy shift may occur.
Furthermore, the Bush Administration’s authority to negotiate new FTA’s is set to expire by July 2007 and with only two years remaining, the next window for FTA negotiations may be in 2009.
Aquino acknowledged that with such a long period of uncertainty, the Philippines must persevere in seeking some form of FTA.
The Philippines’ garments sector had taken the initiative in exploring the possibility of securing a phased or staged FTA.
The phased FTA would have three stages.
The first stage would involve industries that are already competitive, the second stage would involve industries that are less competitive and the third stage involve industries that are least competitive.
The garments sector would start off the first stage.
Subsequent stages might involve time-bound negotiations of FTA concessions for other sectors.
Beyond the time allotted, if parties could not agree on further products for liberalization, earlier-stage concessions could be dismantled.