Canada’s Minister of Export Promotion, International Trade and Economic Development Mary Ng (L) and President Ferdinand Marcos, Jr. | PHOTO: Official Facebook page of Bongbong Marcos
Manila and Ottawa on Thursday kicked off exploratory talks for a possible free trade agreement (FTA), with the first round of discussions set to begin by the first half of 2025.
In a joint statement, the two governments said that the agreement for exploratory talks is among four key measures resulting from the day’s meeting between Canada’s Minister of Export Promotion, International Trade and Economic Development Mary Ng and Philippine Trade Secretary Ma. Cristina Roque.
“The reason it’s important is because businesses always look for predictability. Free trade agreements give us the rules of engagement and I’m very much looking forward to those negotiations,” Ng said in a separate press conference at the Grand Hyatt Hotel in Taguig.
READ: Powerhouse Canada trade mission coming to PH in December
Ng is leading her country’s largest trade mission to the Philippines, which is visiting from Dec. 4 to 6.
Asked how soon an FTA can be completed, Ng noted that it took Canada and Indonesia a little over three years to craft an agreement.
Ng also expressed hope that an FTA with the Philippines could be finished in a shorter time given the previous work over the past years on an FTA between Canada and the Association of Southeast Asian Nations, of which the Philippines is a member.
“I am confident that we will be able to put some real energy behind the negotiations. We’re both committed to do that,” she said.
Wide-ranging
The minister also said that a wide range of industries is expected to benefit from an FTA between the Philippines and Canada, mentioning in particular agriculture, infrastructure and energy.
She added that the Philippine side has expressed developmental interest in energy, tourism, digital and artificial intelligence, food and agriculture, critical minerals and green mining.
According to data released by the Philippine Statistics Authority in April, two-way trade in goods between the Philippines and Canada reached $1.49 billion in 2023.
The Philippines is also currently negotiating for an FTA with the United Arab Emirates and is set to launch today (Dec. 6) the beginning of formal negotiations with Chile. INQ