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DTI tells exporters to use ASEAN trade agreements


The Department of Trade and Industry (DTI) is calling on local exporters to take advantage of free trade agreements (FTA) under the Association of Southeast Asian Nations to expand in the region. Under ASEAN, the Philippines has preferential trade agreements with China, Korea, Australia, New Zealand and India, as well as a bilateral agreement with Japan. “We are encouraging more exporters to utilize preferential trade agreements — for businesses to explore and gain access to other markets and for them to create more job opportunities," said Adrian S. Cristobal Jr., DTI undersecretary for International Trade. Cristobal said that the recently approved Philippine Export Development Plan (PEDP) would help local firms compete in a global marketplace by setting strategies to expand and diversify markets. In the PEDP, exports are targeted to rise two-fold to $120 billion by 2016, help grow domestic output by 58 percent and create 9.1 million jobs. Local enterprise 7 Castles Inc. is one of those looking to utilize the FTA, with one of its clients planning to consolidate operations in a regional market. “We have recognized the importance of FTAs because one of our major clients was expanding to China and Japan," said Ma. Asuncion S. Faustmann, 7 Castles chief executive. This means that 7 Castles will have to tough it out for market share against Chinese firms, Faustmann said. To "keep [our] market share and attract new clients," Faustmann said the company decided to make use of the ASEAN-China and the ASEAN-Japan trade agreements. The company also expects to utilize the preferential trade agreement with Australia, or the ASEAN-Australia-New Zealand FTA, to boost the competitiveness of their products in other markets. —JMT/VS, GMA News

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