EU tariff trade scheme to improve Phl exports

CEBU, Philippines - But the Department of Trade and Industry believes the country can essentially increase its exports with the help of free trade agreement and its being a beneficiary of EU’s Generalized System of Preferences Plus, a trade tariff scheme.

Export Marketing Bureau Director Senen Perlada, during a recent trade forum in Cebu, said the Philippines was sixth among other ASEAN economies in terms of export volume to EU in 2013.

In that year, Vietnam had gained a 21 percent share of the total ASEAN exports, amounting to US$29.5 billion. This was followed by Malaysia and Singapore – both with 19 percent share, Thailand with 18 percent and Indonesia with 15 percent.

The Philippines exported only 5 percent, totaling US$ 7.6 billion. Its exports were lower than its imports from EU which amounted US$7.7. ASEAN exports in 2013 totaled US$146.4 billion.

In the same year, the Philippines was the fourth trading partner of EU after Japan, USA and China; fourth export market after Japan, USA and china; and third import source after China and USA.

In the last five years to 2013, the country remains a net exporter of goods to the economic bloc.

The trade agency already said the GSP+, an expanded tariff-reduction scheme, would allow the nation’s exports to the EU hike by 611.8 million euros.

The trade arrangement which gives zero duty on 6,274 products is a significant part of the country’s bilateral relations with EU. Philippines is the only ASEAN nation benefiting from GSP+.  (FREEMAN)