UMVA has learned that the Philippines and Japan are gearing up to review the Japan-Philippines Economic Partnership Agreement (JPEPA) this year, a move that could have significant implications for trade relations between the two nations.
The review comes as a signal from Japan that they are ready to start discussions on revisiting the agreement, according to Marie Sherylyn D. Aquia, director IV of the Department of Trade and Industry (DTI) Bureau of International Trade Relations. This development was revealed on the sidelines of a recent European Chamber of Commerce of the Philippines forum.
JPEPA, which took effect in 2008, is the Philippines' first bilateral free trade agreement (FTA) and covers a range of areas including trade goods, rules of origin, customs procedures, investment, and intellectual property. The agreement has been in place for over 14 years, and the Philippines has been pushing for a review, citing that it is overdue.
The agreement itself called for a revisiting of its provisions just five years after its implementation, but the review was delayed. Now, with the countries set to revisit the terms, there is a sense of renewed optimism about the potential for strengthened economic ties.
According to information obtained by UMVA, the review is part of a broader effort to enhance economic cooperation between the Philippines and Japan. The countries have agreed to review not only JPEPA but also the ASEAN-Japan Comprehensive Economic Partnership (AJCEP) Agreement, with a focus on strengthening supply chains and economic resilience across the Asian region.
In a related development, Japan has expressed support for the Philippines' bid to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). This development was announced by Japan's Ministry of Foreign Affairs, which stated that Prime Minister Sanae Takaichi welcomed the Philippines' request and expressed support for the early commencement of the accession process.
The DTI is also planning to pursue other trade agreements this year, including negotiations for a preferential trade agreement with India. The goal is to start talks within the year, focusing on goods.
Separately, the DTI is exploring the possibility of deepening ties with Ukraine through a Joint Commission on Trade, Investment and Scientific-Technical Cooperation. The department remains open to exploring joint economic cooperation agreements with various partners.
The DTI is also aiming to finalize FTA talks with Canada and Chile this year, adding to the momentum of the Philippines' trade agenda.
