DTI: PH, Canada discussing prospects for FTA talks in 2025

A potential free trade deal between the Philippines and Canada could be in the works for 2025, the Department of Trade and Industry (DTI) said Thursday.

“We are proud to participate in the exploratory discussions on a potential Free Trade Agreement (FTA) between the Philippines and Canada,” said Trade Secretary Cristina Roque.

Roque made the announcement during the Team Canada Trade Mission Gala Reception last December 5, 2024, the DTI said in a statement.

The Trade Department said the possible entry into FTA discussions between the two countries “represent a significant achievement in advancing bilateral trade and investment ties” in time for the 75th year of diplomatic relations between the Philippines and Canada.

With this, Roque said a Philippines-Canada FTA could open new markets, attract investments, and drive innovation, “which will support long-term economic growth and bring shared prosperity to both countries.”

The Trade chief added that initiatives such as the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE More) Act “have strengthened the Philippines' position as a leading destination for global investments and established an environment conducive to economic collaboration and sustainable growth.”

Building on these reforms, the DTI, through its key agencies such as the Board of Investments and the Philippine Economic Zone Authority, is prepared to assist Canadian companies in exploring opportunities across priority sectors, according to Roque.

The gala reception was attended by Canadian Minister of Export Promotion, International Trade, and Economic Development Mary Ng, Canadian Ambassador to the Philippines David Hartman, members of the Canadian delegation, Senator Francis Tolentino, and other officials.

“I am confident that this trade mission will pave the way for meaningful and productive partnerships between Canadian and Filipino business leaders. We are eager to collaborate with you in shaping a brighter future for both our nations. Under the ‘Bagong Pilipinas’ agenda of President Ferdinand R. Marcos Jr., this potential FTA is set to generate high-quality and better-paying jobs for Filipinos.  Together, let's make it happen in the Philippines,” said Roque. —Ted Cordero/RF, GMA Integrated News