Exporters told to take advantage of trade pacts

The Department of Trade and Industry (DTI) is urging local exporters to take advantage of the free trade regime in Asean to do more business with their neighbors.

This comes with an assurance by the DTI that it would look into the possibility of setting up a self-sustaining export support fund (ESF) for exporters to replace the P1-billion ESF that was not fully utilized.

According to DTI Undersecretary Adrian S. Cristobal Jr. the advent of free trade agreements such as the one the Philippines has with Asean, Japan and through Asean with China, Australia and New Zealand, signals more FTAs with other countries.

Cristobal said priority countries include Taiwan, the United States, Vietnam, Europe, India and China.
As it is, DTI Secretary Gregory L. Domingo said local businesses have yet to fully tap the Asean FTAs to expand their markets.

Domingo said told exporters in a meeting yesterday that the Philippines has one of the lowest benefits and utilization of the Asean FTAs.

"Either businesses are too shy to try to think regionally or they are not aware of such. So we are coming up with an information campaign on the potential benefits of trading with Asean," he said.

Domingo said 98 percent of tariff lines in Asean have been reduced to zero beginning January this year, making trade for these products free.(Business Mirror)

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