JPEPA

JPEPA is a comprehensive bilateral trade and investment agreement between Japan and the Philippines aimed at increasing trade and investment opportunities between the two economies. It is the first bilateral free trade agreement (FTA) for the Philippines after 50 years. Japan, on the other hand, has signed FTAs with six economies (Singapore, Mexico, Malaysia, Indonesia, the Philippines, Thailand, and Brunei) and is on various phases of FTA negotiations with other three economies(South Korea, Vietnam, and India). Japan is also actively pursuing FTA with the 10-member ASEAN bloc with a view of finishing it up by November 2007 during the 13th ASEAN Summit. JPEPA was initiated during President Gloria Macapagal-Arroyo’s visit to Japan in December 2002. The formal negotiations between the Philippines and Japan started in February 2004. President Arroyo and then-Japanese Prime Minister Junichiro Koizumi agreed on major elements of JPEPA inNovember 2004 that would lead to the immediate removal of tariffs on certain fruits, vehicles, steel products, electronic appliances, and garments. The JPEPA was signed in Helsinki, Finland on 9 September 2006.