Laurel–Langley Agreement
Encyclopedia
The Laurel-Langley Agreement 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. 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 country greater freedom to industrialize while continuing to receive privileged access to US markets.
The agreement replaced the unpopular Bell Trade Act
, which tied the economy of the Philippines to that of United States economy.
Philippines
The Philippines , officially known as the Republic of the Philippines , is a country in Southeast Asia in the western Pacific Ocean. To its north across the Luzon Strait lies Taiwan. West across the South China Sea sits Vietnam...
and the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
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. While some have seen the Laurel-Langley agreement as a continuation of the 1946 trade act, Jose P. Laurel
Jose P. Laurel
José Paciano Laurel y García was the president of the Republic of the Philippines, a Japanese-sponsored administration during World War II, from 1943 to 1945...
and other Philippine leaders recognized that the agreement substantially gave the country greater freedom to industrialize while continuing to receive privileged access to US markets.
The agreement replaced the unpopular Bell Trade Act
Bell Trade Act
The Bell Trade Act of 1946, also known as the Philippine Trade Act was an act passed by the United States Congress specifying the economic conditions governing the independence of the Philippines from the United States....
, which tied the economy of the Philippines to that of United States economy.