MANILA, Philippines — After signing a bilateral investment agreement and formally beginning off trade discussions,…
Trade between the Philippines and the US will reach $33 billion in 2022, according to an ambassador
According to MaryKay Carlson, the US ambassador to the Philippines, bilateral commerce between the two countries last year exceeded USD 33 billion.
Carlson predicted that the bilateral trade between the two nations would have a golden year in 2022 during a forum of the Makati Business Club (MBC) on Tuesday.
She claimed that exports to the US, which totaled almost USD 21 billion last year and were a significant portion of trade value, made the country the top recipient of Philippine exports.
Data from the US Embassy also revealed that in 2021, two-way commerce between the US and the Philippines hit USD 30.2 billion.
One of the 119 developing nations receiving aid from the US Generalized System of Preferences is the Philippines (GSP).
The Philippines, along with Thailand, Indonesia, Brazil, and Cambodia, was listed as one of the top five developing nations to benefit from the GSP in research published by the US Congressional Research Service last year.
The trade preference program includes over half of the US tariff lines.
Carlson is upbeat about the two nations’ commercial relations, especially now that the Philippines has joined the US-led Indo-Pacific Economic Partnership (IPEF).
the Philippines, Australia, Brunei, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, Singapore, Thailand, Vietnam, and Fiji. The Biden administration hopes to use IPEF to deepen its relationship with these nations.
Trade, supply chains, sustainable energy, infrastructure development, and anti-corruption policies make up its four pillars.
The IPEF addresses those non-tariff barriers and other trade issues aside from tariffs that would improve the flow of trade, according to Carlson, who added that the way we look at trade and investment now that we’ve recovered from the pandemic is very different from the straightforward trade agreements that we used to have.
Carlson said that the US government has agreed to assist numerous trade missions this year to strengthen economic connections between the two nations.
She stated that this will bring US exporters working in the agriculture, energy, technology, and other sectors to the Philippines to look for business prospects.
The ambassador also extended an invitation to Philippine businesses interested in doing business with the US to attend the SelectUSA Summit in May.
Cebuano English Filipino
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