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The United States and the Philippines have had a very close trade relationship for more than a hundred years. We meet regularly with the Philippines under the auspices of the 1989 bilateral Trade and Investment Framework Agreement (TIFA) to address outstanding bilateral issues and coordinate on regional and multilateral issues. Under the TIFA, the United States and the Philippines also have signed agreements on customs administration and trade facilitation protocol (2010), cooperation on stopping illegal transshipments of textiles and apparel (2006), and implementation of minimum access commitments by the Philippines (1998). For information on upcoming U.S. meetings with the Philippines, see the Calendar of Events page.
Over the past decade, two-way trade between the United States and the Philippines has grown by more than 25 percent. In 2016, U.S. exports to the Philippines increased 9 percent to $8.3 billion, with top export categories including electrical machinery, machinery, cereals, aircraft, and soybean flour. U.S. services exports to the Philippines have increased by more than 60 percent since 2006 and now total $2.5 billion. In 2016, the Philippines was the United States' 31st largest goods export market. The stock of U.S. foreign direct investment (FDI) in Philippines was $4.7 billion in 2015 (latest data available) and the stock of Philippines's FDI in the United States was $1.2 billion in 2015 (latest data available). The United States is the Philippines third largest trading partner after China and Japan.
The Philippines has bilateral and regional FTAs with many countries across the Asia Pacific, including with Australia, New Zealand, India, Japan, China, and Korea, as well as with the 10-member Association of Southeast Asian Nations. It is party to the 16-member Regional Comprehensive Economic Partnership negotiations, and is currently negotiating an FTA with the EU.