The Philippine Chamber of Commerce and Industry feels that trade agreements will help the country attract more investments. 

The PCCI noted that in a recent luncheon meeting, US Ambassador to ASEAN David Carden urged that the Philippines should consider joining the Trans-Pacific Economic Partnership Agreement (TPP).

Henry Schumacher, vice president of the European Chamber of Commerce of the Philippines, in a press briefing meanwhile said the Philippines should start negotiations with the European Union for a free trade agreement (FTA) so as not to be left behind by other Asean countries which have FTAs with the EU.

“We should move ahead. As a chamber, we look forward for negotiations to commence,” said Schumacher, adding that the Philippines is the last to do so after Malaysia, Vietnam, Thailand and Singapore.

In urging the Philippines to tap TPP, Carden told the PCCI this agreement is a new-age agreement that could spur more investments to the Philippines.

As it is,  US foreign direct investments (FDIs) to Asean registered at US$160 billion dollars, 10 times higher than that of India and 6 times higher than China. 

The PCCI said Carden stressed that the US government has committed to increase its trade support and investments to Asean, thus enjoining Philippine business to do its share in helping build the region  by addressing policy issues and barriers that hinder the flow of investments in the country.

Carden said that while the challenges of economic integration is quite enormous, there is a significant progress in terms of the implementation of the Asean economic community – which establishes Asean as a single economy by 2015.

Carden said cited in particular the implementation of the Asean  Single Window which seeks to expedite information flow between government and trade and bring meaningful gain to all parties involved in the international trade.  

“This will definitely help reduce if not, eliminate corruption,” Carden said.

On issues related to territorial disputes in the region, Carden said  the United States is committed to a rules-based, predictable, peaceful resolution of the disputes, utilizing all mechanisms available that is consistent with international law. 

PCCI president Miguel Varela said that PCCI has played an active role in undertaking advocacy, research and consultations to measure the impact of trade agreements in business as well as rally critical support to initiate the necessary reforms that will make the country competitive and at par with our neighbors in Asean. 

“Through our partnership with the Philippines- ASEAN Business Advisory Council, industry associations, the donor community and our local chambers, PCCI ensures that our small and medium enterprises meet the critical requirements of internationalization and develop their foundation to be globally competitive.” Varela said. 

Likewise, Varela noted that PCCI will continue to collaborate with other private sector organizations such as the Philippine Exporters Confederation Inc.  to ensure that the country’s “strategic directions towards exports development and investment promotion remains at the heart of our thrust in regional economic cooperation.”

Source: Malaya; Business; 17 October 2012