Boosting economic trade to the world

As the Philippine hosting of the 49th ASEAN Economic Ministers’ Meeting and Related Meetings formally opens (7 September), top ASEAN economic officials are expected to deliberate on the region’s continuing efforts to further strengthen, deepen, and widen regional economic integration initiatives, as well as to discuss strategic trade and economic relations with ASEAN’s trading partners.

The meetings include trading  Partners from Australia, Canada, China, Hong Kong, India, Japan, Korea, New Zealand, Russia, United States.

Top priorities in the dialogues will cover a shared vision and collective will to promote an integrated, peaceful and stable community,” said Department of Trade and Industry (DTI) Secretary and 2017 AEM Chair Ramon Lopez.

As for the ASEAN States (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, Viet Nam) and its FTA partners (Australia, China, India, Japan, Korea and New Zealand) that will form part of the mega-regional FTA. Ministers are meeting finalize the framework of negotiations for the 16-party trade agreement.

Top Agricultural Produce to Japan

On a separate and recent  interview with DTI Sec Ramon Lopez, the Philippines seek to explore more avenues export agricultural products to nearby Asian markets. The country  is eyeing to export more agricultural products to Japan and South Korea.

“The focus of our negotiation dun sa general review (of the Philippine Japan Economic Partnership) will be on access for agricultural products. Mangoes, bananas, and pineapples,” he said.

Lopez said the Philippines is also in talks with South Korea to boost trade. Pushing similar products and for Korea to have the same market access to these key agricultural produce which we are popularly know fit.

Sec. Lopez was optimistic in citing that “On the Philippine side, they see a lot of potential for a balanced trade. We are a country that trades fairly.”

Footwear trade to the US

The Philippines is seeking to include footwear in the agreement on General System of Preferences (GSP) with the United States, the Department of Trade and Industry added.

The proposal is to include and enhance the footwear trade to the US

The GSP program eliminated tariffs on around 5,000 products from US trading partners such as the Philippines, but not for textiles, apparel, and footwear.

Trade Undersecretary Ceferino Rodolfo noted the tariff on footwear shipped from the Philippines to the United States are up to 15 percent.

“It’s not just the Philippines advocating for this but also US buyers,” he said, noting the US is one of the top markets for Philippine footwear.

(Full Attribution from Department of Trade and Industry)

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