Phl eyes stronger biz ties with US after Biden’s top-level trade mission

The Philippines is expected to foster stronger business relationships with commercial traders from the United States after the scheduled visitation of a business delegation formed by Washington President Joe Biden. 

Jollan Margaret Llaneza, the Department of Trade and Industry’s Foreign Trade Service Officer said the US business delegation’s incoming trade and investment mission next week was a result of President Ferdinand R. Marcos Jr.’s visit to the United States last year.

Biden previously made a commitment to send high-level trade and investment missions to the Philippines.

“Our aim, is of course, to foster the Philippine business sector’s relation with its US counterparts to gain commercially meaningful collaboration,” Llaneza told reporters in a news forum on Saturday. 

Llaneza said the US is one of the country’s top three trading partners, along with Japan and China. 

The Philippines has maintained a strategic partnership with Japan in terms of defense, infrastructure, and other free trade agreements. 

Meanwhile, the country has existing ties with the Asian giant China under the context of the Association of Southeast Asian Nations, commonly known as the ASEAN-China Free Trade Agreement.

Llaneza said the Philippines benefits from the Regional Comprehensive Economic Partnership (RCEP) Agreement with Japan and China, by allowing Filipino exporters to enjoy much lower tariff rates and more liberalized marketing access.