An American senator has filed a bill seeking the forging of a free trade agreement between the Philippines and the United States. Sen. Richard Lugar (Republican, Indiana) expressed optimism that the measure would get popular support among his colleagues and speed up its approval.
"Both nations would benefit greatly from the elimination of tariffs and increased economic transparency that would come with a free trade agreement," Lugar said.
The bill was referred to the Senate finance committee.
US exports to the Philippines hit the $22.7 billion mark in 2000, making the Philippines the 19th largest export market for American goods.
"The US is the largest foreign investor in the Philippines, with some $3 billion in investments," Lugar said, adding that his country accounted for 24 percent of the foreign direct investments in the Philippines as of Dec. 31, 2000.
Lugar, a member of both the Senate agricultural and foreign relations committees, said his proposed bilateral free trade accord manifests his government’s appreciation for President Arroyo’s unqualified support to the US’ global campaign against terrorism.
The Philippines was among the first Asian countries to pledge total support to the US crusade against international terrorism following the Sept. 11 terrorist attacks on the World Trade Center in New York City and the Pentagon in Washington.
"I believe increased free trade is the next step in this close and vitally important relationship," Lugar said. – Pia Lee-Brago