Expanded international trade agreements refer to the agreements made between different countries to increase and improve trade relations. These agreements can take different forms, including free trade agreements, customs unions, and economic partnerships. In the Philippines, such agreements have been beneficial to the country’s economy and have enabled it to increase its international trade and investment.
The Philippines has entered into various trade agreements with other countries or groups of countries. One of the most significant agreements is the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA). The agreement was signed in 2009 and has since increased trade between the Philippines and other ASEAN countries, Australia, and New Zealand. The agreement has resulted in lower tariffs and improved market access for Philippine products and services.
Another important agreement for the Philippines is the Philippines-European Free Trade Association Free Trade Agreement (PH-EFTA FTA). This agreement was signed in 2016 between the Philippines and EFTA member states: Iceland, Liechtenstein, Norway, and Switzerland. The agreement has lowered tariffs on various products, including agricultural goods, which can benefit the Philippine economy.
The Philippines also has trade agreements with Japan, Korea, China, and India, among others. These agreements have helped the Philippines to diversify its trade relations and expand its export markets. In addition, international trade agreements have helped the Philippines to attract more foreign investment, which can improve the country’s economic growth and development.
One of the challenges of expanded international trade agreements is ensuring that Philippine industries can compete effectively with those of other countries. The government has implemented various programs to help industries become more competitive, such as providing technical support, training, and funding assistance. The government has also established special economic zones to attract foreign investment and promote trade.
In conclusion, expanded international trade agreements have been beneficial to the Philippine economy by improving trade relations, increasing market access, and attracting foreign investment. The government must continue to implement policies that can help industries become more competitive and take advantage of opportunities presented by these agreements. By doing so, the Philippines can further improve its economic growth and development.