THE Philippines should maximize the utilization of benefits under its existing free trade agreements with other countries as one of the vital market strategies to increase exports, a high-ranking Trade official said.
Undersecretary for International Trade Adrian Cristobal Jr. said this could be done through continuous education and communication programs to inform local businessmen of the benefits of these free trade agreements with other countries.
Cristobal’s call came after a book launched by the Asian Development Bank on Friday said only one in every five manufacturing companies in the Philippines benefit from the use of free trade agreements.
“Around 20 percent of companies in the Philippines are using free trade agreement, and mostly on Asean Free Trade Area agreement,” Ganeshan Wignaraja, one of the authors of the book, said. “We don’t find much use of the other agreements.”
The country has a bilateral trade agreement with Japan through the Japan-Philippines Economic Partnership Agreement. It is also a signatory in the regional trade agreements with Asean, Apec and Asem and WTO on the multilateral side.
“The country should also target emerging markets with high economic growth for finished-goods exports,” Cristobal said.
He cited China and India as two of the markets for eyed for direct exports, and Brazil through channel destinations.
He said another strategy is to participate in global supply chains with China, Asean, and India as primary destinations for re-export to the United States and European Union consumer markets.
The fourth strategy to increase the country’s exports would be to capture export-oriented foreign direct investments from China, Japan, Korea, US, Australia-New Zealand and EU.
Cristobal also said the country should continue its unified and coherent trade, investment and tourism promotions, under the One Country, One Brand campaign. He said there must be fewer official outbound trade missions but it should be strategic and focused capped with the hosting of high-impact trade fairs. –Julito G. Rada with Roderick T. dela Cruz, Manila Standard Today
March –
IT’S WOMEN’S MONTH!
“Respect and support women
every day of the year/s!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
Monthly Observances:
Women’s Role in History Month
Weekly Observances:
Week 1: Environmental Week;
Women’s Week
Week 3: Philippine Industry and “
Made-in-the-Philippines Products Week
Last Week: Protection and Gender-Fair Treatment
of the Girl Child Week
Daily Observances:
March 8: Women’s Rights and
International Peace Day;
National Women’s Day
March 4: Employee Appreciation Day
March 15: World Consumer Rights Day
March 18: Global Recycling Day
March 21: International Day for the Elimination
of Racial Discrimination
March 23: International Day for the Right to the Truth
Concerning Gross Human Rights Violations
and for the Dignity of Victims
March 25: International Day of Remembrance of the
Victims of Slavery and the Transatlantic Slave Trade
March 27: Earth Hour
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.
