The Philippines and Canada have initiated discussions concerning a potential free trade agreement (FTA).
The discussions are expected to commence with the first round scheduled for the first half of 2025.
Both governments released a joint statement and have expressed intentions to strengthen their trade ties, as they seek to create mutually beneficial economic opportunities.
The proposed free trade agreement aims to enhance trade relations by reducing tariffs and other barriers, fostering an environment conducive to increased trade and investment.
The exploratory talks will serve as a preliminary phase to assess the feasibility and potential benefits of an FTA.
This involves examining various aspects, such as goods, services, and investments.
Trade between the Philippines and Canada has been growing steadily over the years.
According to the Philippine Statistics Authority, Canada is among the top trading partners of the Philippines. The potential FTA is expected to further boost trade volumes and diversify the range of goods and services exchanged.