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Canada, Philippines boost security, trade ties

Canadian Prime Minister Stephen Harper and Philippine President Benigo Aquino announced initiatives to boost security and commercial ties between the two countries on May 8.

Canadian Prime Minister Stephen Harper and Philippine President BenigoAquino announced initiatives to boost security and commercial tiesbetween the two countries on May 8.

The two sides statedthe start of a study on the possibility of forming a free tradeagreement (FTA) and the upgrade of the existing Investment Promotion andMutual Protection Agreement, which was signed in the 1996.

Besides,Canada will create favorable conditions for the ASEAN member country toaccess such agencies as the Trade and Development Foundation (CTDF) andthe Department of Foreign Affairs, Trade and Department (DFATD), whichare tasked to support developing countries in negotiating andimplementing trade-investment agreements between Canada and othercountries.

The pair inked a five -year mutual responsible frame(until February 2020), renewing the sustainable, effective andtransparent cooperation in development assistance.

In the fieldof security, PM Stephen Harper announced three new initiatives worth3.58 million USD, aiming to intensify collaboration with the Philippinesin coping with regional and global threats.

President BenignoAquino visited Canada from May 7-9. The Philippines is Canada’s sixthlargest trading partners in the Southeast Asian region, with bilateraltrade hitting 1.8 billion USD in 2014.-VNA

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