The U.S. government`s objectives in the Philippines are to strengthen democratic governance and support the Philippine government`s efforts to promote inclusive development and contribute to security and development cooperation in the Indo-Pacific area. U.S. aid to the Philippines promotes large-scale economic growth; improving the health and training of Filipinos; promotes peace and security; progress on democratic values, good governance and human rights; and strengthens regional and global partnerships The State Department, the Ministry of Defence and United Nations International Development Organization (USAID) programs in conflict-affected areas in Mindanao aim to establish a sustainable basis for peace and stability in areas threatened by terrorism and violent extremism. U.S. aid aims to strengthen cooperation through a comprehensive approach that supports open and open space. The United States has had a peace corps program in the Philippines for more than 50 years. Ebb Hinchliffe, executive director of the American Chamber of Commerce of the Philippines (AmCham), told Philippine media late last week that U.S. trade agents would consider waterproofing a free trade agreement with the Philippines ahead of proposed trade deals with the U.K. and Vietnam.
For the Philippines, a free trade agreement with the United States would enhance the current system of generalized preferences, in which the United States reviews zero tariff privileges for more than 3,000 Philippine products every three years. The Philippines is currently our 31st largest trading partner for goods, with a total of $21.4 billion (two and twice) in 2019. Exports of goods amounted to US$8.6 billion; Imports of goods amounted to $12.8 billion. In 2019, the merchandise trade deficit with the Philippines was $4.1 billion. The talks, which could last one to three years, are part of U.S. President Donald Trump`s strategy to pursue bilateral and non-multilateral trade agreements to help Washington get the best deal possible. U.S. trade data have shown that the Philippines is currently the 31st Major Trading Partners are, with total merchandise trade of $21.3 billion from 2018. Manila hopes to revive the clothing industry through a permanent customs agreement, said the trade minister, according to which the Philippines – members of the European Free Trade Association and EFTA members – Iceland, Liechtenstein, Norway and Switzerland – signed a free trade agreement in 2016 that is expected to enter into force in 2018.
The Philippines-EFTA covers trade in goods, trade in services, investment, competition, intellectual property, government procurement, trade and sustainable development.