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The Laurel–Langley Agreement was a trade agreement signed in December 15, 1954 [1] [2]: 43 between the United States and its former colony the Philippines. It was signed by Senator Jose P. Laurel and James Langley. [2]: 43 The agreement took effect in 1955 after approval from both Philippine Congress and U.S. Congress. [1]
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 ...
This took effect on July 1, 1957. The passage of this act by the defunct Congress of the Philippines subject to the provisions of the Laurel-Langley Agreement, became the first official expression of an autonomous Philippine Tariff Policy.
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. [70] Two-way U.S. merchandise trade with the Philippines amounted to $17.3 billion in 2006 (U.S. Department of Commerce data).
[28]: 43 The agreement expired in 1974. Although it proved deficient, the final agreement satisfied nearly all of the diverse Filipino economic interests. While some have seen the Laurel-Langley agreement as a continuation of the 1946 trade act, Jose P. Laurel and other Philippine leaders recognized that the agreement substantially gave the ...
[12] [13] [18] The expiration of the Laurel–Langley Agreement and the resultant collapse of the Negros sugar industry gave President Ferdinand E. E. Marcos the opening to strip the hacenderos of their self-appointed roles as kingmakers in national politics, [19] though arguably such an opportunity had been squandered and any significant gains ...
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.
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