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Us And Philippines Trade Agreement

The post-U.S. Relations between the United States and the Philippines have improved and expanded, with an emphasis on economic and trade relations while preserving the importance of the security dimension. U.S. investment continues to play an important role in the Philippine economy, while a strong security relationship is based on the 1951 Mutual Defense Treaty. In February 1998, negotiators from the United States and the Philippines concluded the Visiting Forces Agreement (VFA), which paved the way for enhanced military cooperation under the TDM. The agreement was approved by the Philippine Senate in May 1999 and entered into force on 1 June 1999. As part of the VFA, the United States conducted missions to Philippine ports and resumed major military exercises combined with the Philippine armed forces. Among the most important events in bilateral relations is President Ramos` declaration of 4 July 1996 on the occasion of Philippine Friendship Day on the occasion of the 50th anniversary of the independence of the Philippines. Mr. Ramos visited the United States in April 1998 and then-President Estrada visited in July 2000. President Arroyo met with President Bush on an official visit in November 2001 and made an official visit to Washington on May 19, 2003. President Bush made a state visit to the Philippines on October 18, 2003, during which he addressed a joint meeting of the Philippine Congress – the first U.S.

president since Dwight D. Eisenhower. There are regular visits to the U.S. cabinet level and visits to Congress in the Philippines. “This is just the beginning and it will take time, maybe a year or two,” Romualdez said, adding that the Philippines would have a trade surplus of $5.4 billion in 2016 with the United States, one of the country`s main trading partners. Once concluded, a free trade agreement with the Philippines will be the second largest in Southeast Asia after an agreement with Singapore. Philippines – Japan Economic Partnership Agreement The Philippines and Japan concluded a free trade agreement in 2008. The VPA is the Philippines` only bilateral free trade agreement covering, among other things, trade in goods, trade in services, investment, personal transport, intellectual property, customs procedures, improving the business environment and public procurement.