Trade Agreement Between Thailand And Philippines

Manila trade agent calls the fault; In the later years of Philippine President Ferdinand Marcos`s and President Corazon Aquino`s 1978-1992 tenure, relations between the Philippines and Thailand remained friendly, but were neglected in some respects due to the economic crisis and political situation in the Philippines during the era of martial law. Relations were strengthened again after this period. [8] [9] Bilateral relations were further strengthened during a state visit by Thai Prime Minister Prayut Chan-o-cha to the Philippines in 2015. [10] Bilateral trade between Thailand and the Philippines, which officially established diplomatic relations in 1949, amounted to more than $8.3 billion between January and November last year, according to Thai media. ASEAN, the association of Southeast Asian nations, is gaining importance as a trading bloc and is the third largest in the world after the European Union and the North American Free Trade Agreement. It includes the Asian Tigers of Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam (ASEAN 6) with smaller players such as Brunei, Cambodia, Laos and Myanmar, with a total GDP of $2.31 trillion (2012) and hosts about 600 million people. Other ASEAN agreements are being negotiated, including with Japan, which already has a number of important economic partnerships, while South Korea already has a free trade agreement. Both resemble the above – the reduction of more than 90% of all goods traded between ASEAN and these countries. In 1949, the Philippines and Thailand established embassies in the capitals of the other country, which were finally elevated to embassy status on January 1, 1956.

From there, relations between the two countries strengthened and prospered. Both became founders of SEATO in September 1954 and ASEAN in August 1967 and August 1967, and then joined other regional and international forums. Cooperation has also extended beyond trade and culture and has focused, among others, on policy, defence, investment, tourism, air services, science and technology, telecommunications, agriculture, justice and the environment. These two agreements have a collective impact by making ASEAN the strategic hub of global sourcing and manufacturing. With a base of 150 million consumers of the middle class aSEAN, this market, which was then coupled with the 250 million from China and India, represents a middle-class consumer market, with a total free trade of about 650 million people – today. By 2030, in the face of Asia`s growing prosperity and growing dynamism, about 64% of the world`s middle class will be established in Asia, representing 40% of the total global consumption of the middle class. In addition to the China-India free trade agreement, ASEAN also has a combined free trade agreement with Australia and New Zealand, known as AANZFTA. The agreement, which will also be phased in, has eliminated tariffs on 67% of all products traded between regions and will be extended to 96% of all products by 2020.