Weekly Trade Spotlight: The Philippines
This week U.S. Trade Representative Ron Kirk is in Manila, Philippines to represent the United States at the inauguration of President-elect Benigno Aquino on June 30.
"The United States and the Philippines have an extensive trade and investment relationship and we look forward to working with the new Aquino Administration to further expand our economic ties,” said Ambassador Kirk. "There is much we can do under our Trade and Investment Framework Agreement (TIFA) and in the WTO, APEC, and ASEAN to advance our common trade and investment interests."
In 2009, U.S.-Philippines bilateral trade totaled $13 billion, and the Philippines ranked as our 30th largest goods export market. In addition, two-way services trade totaled $4.7 billion in 2008, the latest data available. The stock of U.S. foreign direct investment in the Philippines was $5.9 billion in 2008.