MANILA, Philippines — The Philippines, which is set to conclude talks for four free trade agreements (FTA) this year, is exploring the possibility of entering a free trade deal with Paraguay.
“We have four important FTAs that we will conclude this year,” Trade Secretary Cristina Roque said during the National Conference of Employers yesterday.
She said the country expects to conclude negotiations for the Philippines-European Union FTA by June or July.
Also to be concluded this year are the FTA talks with Canada and Chile.
The FTA with Canada will be the Philippines’ first free trade deal in North America, while the agreement with Chile will be the country’s first in South America.
Roque said the Philippines is likewise expected to complete talks for a preferential trade agreement with India.
“Our interest (in India) is pharma (products),” she said.
She said the Department of Trade and Industry would also study the benefits of having a free trade deal with Paraguay, after the topic was brought up during the recent visit of Paraguayan President Santiago Peña Palacios in Manila.
“They want to strengthen the relationship…Even if their population is small, which is 6.5 million, they want to be the hub to the South American market,” she said.
Given its population of 300 million people, South America has a big market that can open opportunities for businesses.
Roque said Paraguay is also interested to sell its meat products such as beef, pork and chicken to the Philippine market.
She said the Philippines is open to the idea of having a free trade deal with Paraguay.
“If it’s beneficial to us, why not? We’re open to that because our president is pro-free trade agreement,” she said.
She said the government is pushing for FTAs to open more opportunities for Philippine businesses.
FTAs will make it easier for Philippine businesses to export their products through preferential or lower tariffs.