THE PHILIPPINES and Israel have agreed to pursue talks that could lead to the signing of a free trade agreement (FTA) before the government’s term ends in 2028.
“As we move forward in our bilateral relations, we have agreed to explore the possibility of an FTA between the Philippines and Israel. This will really strengthen trade between both countries,” Trade Secretary Ma. Cristina A. Roque said at the signing of the Joint Committee Meeting Summary on Tuesday.
“I hope we can do this soon, and we can at least finish it during the time of our president, as he is really pro-FTA,” she added.
She said that the government will undertake domestic consultations and conduct an impact assessment study in the remaining months of the year “to ensure that any future negotiations are grounded in a well-informed and mutually beneficial framework.”
“First of all, we really believe in FTAs, Israel Minister of Economy and Industry Nir Barkat said. “We have over 16 these days, and we signed a free trade agreement with Vietnam last year and with Korea many years ago.”
“We’re in the process of doing that with India and Japan, and we really want to continue doing this with the Philippines,” he added.
Trade Undersecretary Allan B. Gepty said agriculture and fisheries are key interests for both parties.
“This is aligned also with the priorities of the government right now — that is, to expand our FTA network,” he said.
“As to the question of what concessions will be extended, of course, we don’t want to preempt the negotiations, but these are key interests of both parties, so we’ll work on that after we have, of course, finished the necessary domestic processes,” he added.
On Tuesday, Ms. Roque and Mr. Barkat concluded the first Philippines-Israel Joint Committee (JC) Meeting.
“As we look back at the JC discussion, it is very clear that both the Philippines and Israel have a firm commitment to boosting our competitiveness, supporting innovation, and ensuring growth that will benefit both countries,” Ms. Roque said.
“With the JC, we are strengthening our economic ties… We have already seen significant increases in our food exports to Israel, especially desiccated coconuts, frozen octopus, and coconut oil,” she added.
In 2024, trade between the Philippines and Israel amounted to $400.42 million, making Israel the country’s 34th largest trading partner.
Met foreign direct investment (FDI) from Israel hit P45.94 million last year, making it the Philippines’ 20th largest source of FDI.
Mr. Barkat added: “I believe we’ll see growth in the demand from both sides, and it will be our role to make sure that it translates to business.”
“I would not put a number on it yet, but there’s no doubt in my mind that we’re doing good for both countries. It will translate to more business; there’s no doubt in my mind,” he said. — Justine Irish D. Tabile
