MANILA: The Department of Trade and Industry – Bureau of International Trade Relations (DTI-BITR) is trying to expand market reach and strengthen market foothold in Europe to increase the Philippine’s export performance.
DTI-BITR assistant director, Angelo Salvador Benedictos, told reporters at the sidelines of the One Country, One Voice (Ocov) Stakeholder Participation in Trade Policy Formulation-Davao leg, on Monday 19 September, that the challenge is to efficiently take advantage of the increasing interest of European markets in Filipino products.
“They are also interested in our products especially our tropical fruits and other crops,” he said, citing mangoes, cacao (as inputs for chocolate makers) and other processed fruits. Europe ranks fifth in the country’s export destination and fourth for imports and is a major source of foreign direct investments.
The Philippines has ongoing negotiation efforts on pursuing Free Trade Agreements (FTAs) with the European Union (EU) and European Free Trade Association (Efta) which is composed of four member states: Iceland, Liechtenstein, Norway, and Switzerland.
The Philippines is preparing for the second round of negations with the EU on a possible FTA as well as the executive ratification and senate concurrence of the recently signed PH-Efta FTA.
Edwin Bangquerigo, DTI-Davao assistant regional director said that they are moving on how they can fast track trade between Philippines and Efta. “The ultimate goal is to reach the zero tariffs or duty-free trade between countries to achieve a seamless, borderless economy.”
Bangquerigo also said that Efta member countries have a huge market and buying capacity of $30,000 to 50,000 per capita much higher than the Philippine’s $3,000 per capita. In the Davao Region the top export products are fresh bananas, activated carbon, desiccated coconut and crude oil, among others.
