The United States and the Philippines hope to boost cooperation for the benefit of the agriculture sector under the Trade and Investment Framework Agreement ("TIFA"), US Trade Representatives Robert Lighthizer and Philippine Secretary of Trade and Industry Ramon Lopez said in a joint statement on Monday.
WASHINGTON (Pakistan Point News / Sputnik - 22nd October, 2018) The United States and the Philippines hope to boost cooperation for the benefit of the agriculture sector under the Trade and Investment Framework Agreement ("TIFA"), US Trade Representatives Robert Lighthizer and Philippine Secretary of Trade and Industry Ramon Lopez said in a joint statement on Monday.
"Both Governments agree that enhanced bilateral engagement on trade under the TIFA should include work that yields benefits for agricultural producers, importers, exporters and consumers, and intend to work together in a number of areas," the statement said.
The statement was issued after the two officials met in Singapore. During the meeting, Lighthizer welcomed the Philippines' efforts to ensure the valuation of agricultural imports for duty collection purposes in keeping with the standards set by the World Trade Organization (WTO), the statement said.
The Philippines understands that Washington is greatly interested in extending the Philippine tariffs rate on certain agricultural goods and recognizes the rates would help to stabilize prices for certain food, the statement added.
Moreover, the officials agreed to partner on the development of a US work program in the context of the ASEAN-United States Trade and Investment Framework Arrangement on automotive standards issues.
The United States and Philippines have in recent years been increasing bilateral trade, which reached an estimated $27 billion in 2016, including $18 billion in products and nearly $9 billion in services.
