WASHINGTON – On July 1-2, 2024, the United States and the Philippines met under the U.S.- Philippines Trade and Investment Framework Agreement (TIFA). The TIFA meeting was co-chaired by Assistant U.S. Trade Representative for Southeast Asia Sarah Ellerman and the Philippine Department of Trade and Industry Undersecretary for International Trade Group Allan Gepty.
During the TIFA meeting, the United States and the Philippines discussed a range of bilateral trade and investment issues, including agriculture, labor, government procurement, intellectual property, environment, automotive safety standards, and supply chains.
Building on the TIFA Labor Working Group meetings held previously, the United States and the Philippines continued discussions on the implementation of internationally recognized labor rights, including promoting workers’ rights to freedom of association and collective bargaining as well as opportunities for increased cooperation.
On agriculture, the United States and the Philippines discussed ways to further strengthen agricultural trade between the two countries as well as the importance of agricultural biotechnology and innovation in meeting food security and sustainability goals.
The two sides reaffirmed the importance of making progress towards strengthening the bilateral trade relationship.
Background
The United States and the Philippines signed the Trade and Investment Framework Agreement in 1989. U.S. goods and services trade with the Philippines totaled an estimated $36.1 billion in 2022 (latest data available). U.S. exports to the Philippines were $12.8 billion and U.S. imports from the Philippines were $23.3 billion. The Philippines is currently the United States’ 34th largest goods trading partner. U.S. foreign direct investment (FDI) in the Philippines (stock) was $6.2 billion in 2022 (latest data available).
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