PH, Israel eye free trade deal by 2028

The Philippines and Israel have agreed to pursue talks for a free trade agreement (FTA) that could be signed before the Philippine government's term ends in 2028.

Trade Secretary Cristina Roque is optimistic that the FTA will strengthen bilateral trade, with agriculture and fisheries identified as key interests by both nations.

Visiting Israel's Minister of Economy and Industry Nir Barkat believes the FTA talks will spur Israeli investments, particularly in agricultural and food technology sectors in the Philippines.

Barkat aims to increase trade with the Philippines tenfold within 15 to 20 years, with the FTA serving as a foundation for this goal.

The Department of Economy, Planning and Development (DEPDev) anticipates that an FTA with Israel could offer significant trade and innovation benefits, potentially boosting productivity in the Philippines.

DEPDev Secretary Arsenio Balisacan highlighted that while a study is pending, any deal improving the flow of exports and imports is expected to benefit the country, including access to cheaper products from Israel.

Balisacan emphasized that the larger gains may come from the technology and innovations Israeli investors bring, which could enhance overall economic productivity.