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What Are the Other Philippines Trade Agreements with Regional Trade Organizations

What Are the Other Philippines Trade Agreements with Regional Trade Organizations

The Philippines is one of the most active countries in Southeast Asia when it comes to trade agreements with various regional trade organizations. A trade agreement is an important document that outlines the terms and conditions of the trade between two or more countries. In this article, we will discuss the other trade agreements that the Philippines has with regional trade organizations.

1. ASEAN Free Trade Area (AFTA)

The ASEAN Free Trade Area (AFTA) is a regional trade agreement between the ten member states of the Association of Southeast Asian Nations (ASEAN). The Philippines has been a member of ASEAN since 1967 and has been an active participant in AFTA since its creation in 1993. AFTA aims to reduce tariffs and barriers to trade between ASEAN member states. The Philippines has been clear in its support of AFTA, recognizing the potential benefits of increased trade and economic growth regionally.

2. Asia-Pacific Economic Cooperation (APEC)

The Asia-Pacific Economic Cooperation (APEC) is a regional intergovernmental forum that aims to promote free trade and economic cooperation between its member economies. The Philippines was one of the founding members of APEC in 1989 and has since been an active participant in the organization. The Philippines has a significant trade relationship with many APEC member economies, including the United States, China, Japan, and Australia.

3. Association of Southeast Asian Nations (ASEAN)

The Association of Southeast Asian Nations (ASEAN) is a regional intergovernmental organization that aims to promote political, economic, and social cooperation among its ten member states. The Philippines is one of the founding members of ASEAN, and the country has been an active participant in the organization`s initiatives. ASEAN is currently working towards the creation of the ASEAN Economic Community, which aims to create a single market and production base in the region.

4. Pacific Economic Cooperation Council (PECC)

The Pacific Economic Cooperation Council (PECC) is a regional intergovernmental organization that promotes economic cooperation and trade between its member countries. The Philippines is a member of PECC and has been a participant in the organization`s initiatives since its creation in 1980. PECC`s focus is on promoting regional economic growth, particularly in the Asia-Pacific region.

In conclusion, the Philippines is actively involved in various trade agreements with regional trade organizations, including AFTA, APEC, ASEAN, and PECC. These agreements are essential to the country`s economic growth and stability, as they promote free trade, reduce tariffs, and eliminate barriers to trade. The Philippines` participation in these organizations demonstrates the country`s commitment to regional economic cooperation and its determination to promote trade and investment in the region.

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