The Department of Trade and Industry (DTI) is courting Japan's backing for a review of the existing bilateral trade agreement, aiming to address evolving economic challenges and opportunities. The initiative seeks to modernize the accord to better serve both nations' interests.
Trade officials emphasized that the review would focus on enhancing market access, streamlining customs procedures, and fostering investment flows. The DTI is engaging Japanese counterparts to build consensus on key provisions that could be updated.
"We are optimistic that Japan will see the mutual benefits of revisiting the agreement," a DTI spokesperson said. The review is expected to cover tariff reductions and new rules for digital trade and services.
Both countries are major trading partners, with bilateral trade exceeding $20 billion annually. The Philippines aims to leverage the review to boost exports of agricultural goods and manufactured products.
The Japanese government has yet to formally respond, but preliminary talks have been described as constructive. The DTI hopes to conclude initial discussions within the year.