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Business groups said they do not expect a major change when it comes to US bilateral relations with the Philippines following the victory of Democratic candidate Joe Biden, but noted that the president-elect will likely change his tune on the trade war issue between United States and China.
The executive director of the Makati Business Club, Coco Alcuaz, said that “there will probably not be many changes at the bilateral level unless the United States revives the TPP (Trans-Pacific Partnership).”
TPP is a proposed trade agreement between 12 economies including Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam and the United States. It seeks to reduce tariffs and trade barriers.
In 2017, President Donald Trump pulled the United States out of the TPP.
“On the economic front, what matters most is the trade war between the United States and China and its effect on the regional and global economy. Biden is likely to change the tone, but it is not clear how much he can and will change the policies or the trend that Trump unleashed, ”Alcuaz said.
Trump previously approved imposing tariffs on imports from China, a move that further escalated trade hostilities between the two countries.
“A big part of the trend is companies moving part of their manufacturing out of China, where our neighbors are overtaking us. If that slows down, we may have a better chance of catching up to get some of that investment, “he added.
Alcuaz also said that Biden’s democratic and inclusive perspective can stem the anti-democratic wave around the world.
“That is an opportunity that Democrats around the world should seize to promote fairer political and economic policies,” he said.
Philippine Exporters Confederation Inc. president Sergio Ortiz-Luis Jr., for his part, also said there may not be a major change in US policy toward the Philippines, but cited the importance of the human rights issue.
“I don’t think there is a big policy change regarding the Philippines. However, the Democrats are really [for] human rights which is where we will probably have to be … because I don’t think the administration can easily work with them if they focus on those areas. Unfortunately, they can tie it to grants, but let’s wait and see, ”Luis said.
“In general, the policy will be the same except perhaps for China’s policy, which will be softened somewhat,” he added.
The Philippine Management Association (MAP), for its part, expressed its hope that Biden’s victory will protect democratic ideals in the world.
“The United States has been a very important ally and economic partner of the Philippines. There are an estimated 4 million Filipinos living in the United States. We are pleased that the United States has a president-elect after a controversial political campaign and an exciting electoral count, ”said MAP President Francis Lim.
“We nurture the hope that he will lead the United States with steady hands at this difficult time given daunting challenges such as reviving the virus (affected) economy, healing division within the nation and between nations, protecting democratic ideals around the world. , addressing the imperatives of the environment and social inequality, and strengthening global cooperation, peace and stability ”, he added.
The Philippine Chamber of Commerce and Industry (PCCI), meanwhile, said it has already invited officials from the U.S. Embassy of Commerce to speak about trade ties between the Philippines and the United States.
PCCI President Benedicto Yujuico said he asked to meet with the Commercial Unit of the United States Embassy, Greg Connor, and the Chief of Economic Affairs, Chip Gamble.
“I have already invited officials from the US Embassy to a meeting early next week so that we can explore programs that will stimulate economic and trade ties between the United States and the Philippines,” he said.
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