After his swearing-in, President Donald J. Trump withdrew the United States from the CPTP or the Comprehensive and Progressive Agreement for the Trans-Pacific Partnership. Lopez said the U.S. wants to export more agricultural products to the Philippines, which is linked to President Rodrigo Duterte`s recent policy of liberalizing food imports to curb ever-higher inflation. Philippines – European Free Trade Association Free Trade Agreement The Philippines and EFTA countries – Iceland, Liechtenstein, Norway and Switzerland – signed a free trade agreement in 2016, which is expected to enter into force in 2018. The Philippines-EFTA covers trade in goods, trade in services, investment, competition, intellectual property, government procurement, trade and sustainable development. In February, six Democratic senators called on the U.S. Trade Representative (USTR) to suspend the Philippine GSP because of President Duterte`s human rights record. They said that the granting of commercial privilege could be confused in the face of extrajudicial executions under Duterte, if bloodshed is tolerated. Hinchliffe said that from the start of trade negotiations, the signing of the free trade agreement “would not last very long.” In October, the U.S. unemployment rate rose from 3.6 percent the previous month to 6.9 percent, or about 11.1 million Americans who are unemployed.
In addition, the United States shows no signs of stemming the spread of the virus, as it gave the world to covid-19 figures with more than 10.2 million cases and about 240,000 deaths Wednesday. The United States has asked the Philippines to reduce tariffs on motor vehicles to nearly 5%, the rate applicable to Imports from Japan and Southeast Asia under a bilateral or regional trade agreement. The idea of a free trade agreement between the Philippines and the United States has been debated since the end of the preferential trade status of the Philippines in the United States, as part of the transitional arrangements between colonial rule and total independence. These discussions have never gained strength, not least because the Philippines has taken a cautious approach to a free trade agreement and has never negotiated a Saa outside the ASEAN framework. He was pleased to use the Generalized Preference System (USPG), which provided duty-free treatment for approximately 5,000 inch lines with minimum reciprocal concessions. The United States, on the other hand, has been more inclined to pursue its trade objectives through the WTO and in regional trade agreements. Based on USTR archives, merchandise trade between Manila and Washington reached $21.4 billion last year.