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The Laurel–Langley Agreement was a trade agreement signed in 1955 between the United States and its former colony the Philippines.It expired in 1974. It was an amendment to the Bell Trade Act, which had given full parity rights to American citizens and businesses.
In 1955, the Laurel–Langley Agreement revised the Bell Trade Act. [3] This treaty abolished the United States authority to control the exchange rate of the peso, made parity privileges reciprocal, extended the sugar quota, and extended the time period for the reduction of other quotas and for the progressive application of tariffs on ...
The Magsaysay administration negotiated the Laurel-Langley Agreement which was a trade agreement between the Philippines and the United States which was signed in 1955 and expired in 1974. Although it proved deficient, the final agreement satisfied nearly all of the diverse Filipino economic interests.
The 1946 Bell Trade Act and its replacement, the 1955 Laurel–Langley Agreement (which expired in 1974), linked the two countries closely together economically in the first decades of independence. [58] Two-way U.S. merchandise trade with the Philippines amounted to $17.3 billion in 2006 (U.S. Department of Commerce data).
Magsaysay appointed Laurel head of a mission tasked with negotiating trade and other issues with United States officials, the result being known as the Laurel–Langley Agreement. Laurel was also named as chairman of the Senate Committee on Education, which he held when he sponsored in 1955 a bill that would make José Rizal's two novels, Noli ...
In 1957, Laurel hosted a luncheon at the mansion in honor of James Langley, a New Hampshire newspaper publisher. [1] Laurel and Langley signed the Laurel-Langley Agreement in 1954, which amended the Bell Trade Act of 1946 and provided for an increase in the duties imposed on U.S. products and a decrease in the duties imposed on Philippine goods ...
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On September 6, 1955, the United States and the Philippines signed the Laurel-Langley Agreement, which amended the Bell Trade Act. The Laurel-Langley Agreement reduced the dependency of the Filipino economy on the US economy and brought down tariffs. [34] The United States could no longer control the ratio of the US money to Filipino money.