President Ferdinand R. Marcos Jr. on Wednesday expressed his intent to strengthen the Philippines’ trade relations with Canada and the World Trade Organization (WTO).
This was after WTO Director General Dr. Ngozi Okonjo-Iweala and Canadian Minister of Export Promotion, International Trade and Economic Development Mary Ng made a courtesy call on Marcos at Malacañan Palace in Manila.
Marcos, in a meeting with Iweala at Malacañan, emphasized his administration’s “big plans” to enhance trade and commerce with its foreign partners.
“Trade has become more important than ever,” he told Iweala.
Iweala said the Philippines, despite global challenges, has maintained its strong economic performance.
“I want to start by congratulating you because I was looking at the numbers of the economy. And you are not doing badly at all. Six percent per annum growth rate in an environment of high inflation in the world, low growth rates. So I think the Philippines is doing reasonably well under the circumstances,” said Iweala, who is in the country to meet with the secretaries of the Philippine finance, trade, and agriculture departments.
The WTO has 166 members, accounting for 98 percent of world trade.
The WTO operates a global system of trade rules, acts as a forum for negotiating trade agreements, settles trade disputes among its members, and supports the needs of developing countries.
Marcos, in a separate meeting with Ng, cited the importance of enhanced ties with allied countries to position the Philippines as a leading investment hub.
“We’ve been trying very hard to restructure ourselves just to make us more business-friendly, investment-friendly. And that’s why such all of these, our interactions, are important to us,” he said.
Ng affirmed Canada’s strong confidence in its partnership with the Philippines.
Ng and her delegation are in the Philippines for the Team Canada Trade Mission (TCTM) Philippines, which is taking place in Manila from Dec. 4-6.
Joined by more than 300 delegates representing about 200 companies, the TCTM Philippines is expected to bring significant investments, foster new partnerships and business initiatives, and create numerous job opportunities for Filipinos. They are scheduled to hold a plenary session in Taguig City on Thursday.
“What that speaks through, Mr. President, is the confidence that Canadian businesses have, wanting to do business here in Manila, looking for opportunities to invest,” Ng said. “So, I’m very, very excited. And there’s a lot of Canadians (who) are very excited about being here as well.”
In a separate statement, Special Assistant to the President for Investment and Economic Affairs Frederick Go said he also met the Canadian business delegation led by Ng at Malacañan Palace on Wednesday.
Trade Secretary Ma. Cristina Roque was also present in the meeting.
Go said their discussion with the Canadian trade minister focused on the ASEAN-Canada Free Trade Agreement (ACAFTA), which was launched in 2021.
ACAFTA is being eyed for conclusion next year.
“The arrival of Canada’s trade mission underscores the Philippines’ growing appeal as a destination for investments. We are excited to explore collaborative opportunities that will not only benefit both nations but also enhance our economic ties in the Indo-Pacific region,” Go said. (PNA)
