13/11/2011: PHL and US Officials Conclude Trade Facilitation Protocol
United States Trade Representative Ron Kirk stands between Trade & Industry Secretary Gregory Domingo (right) and Philippine Ambassador to the United States Jose L. Cuisia, Jr. following the signing of the Philippine-U.S. Trade Facilitation Protocol at the Hawaii Convention Center.
13 November 2011, Honolulu. The governments of the Philippines and United States concluded today the Trade Facilitation Protocol (TFP), an agreement that would adopt essential trade facilitating elements to boost economic activity between the two countries. Held at the Hawaii Convention Center during APEC 2011 Leaders Week, the accord was signed by Philippine Trade and Industry Secretary Gregory Domingo and United States Trade Representative Ron Kirk.
The TFP calls for increased transparency and simplified customs procedures, adoption of automated risk management systems and information technology to expedite release of goods, advance rulings on customs-related matters, and technical advice, assistance and skills development, among other things.
The U.S. continues to be the Philippines’ biggest export market. Two-way goods and services trade totaled $20 billion in 2010. Under the Trade and Investment Framework Agreement (TIFA) dialogue, U.S. and Philippine officials meet regularly to discuss ways to further build their bilateral economic relationship, address bilateral concerns, and coordinate on APEC, ASEAN, and WTO issues. END