MANILA, Philippines - European Union (EU) countries are open to raise trade relationships with the Philippines through the Trade Facilitation Agreement (TFA) and the Philippines Customs and Tariff Act.
If approved, there would be a full removal of tariffs on 2/3 of Philippine products that will be exported to the EU. Tariff costs would be reduced as much as 15 percent, which would help in solving the port congestion in Manila.
"Congress and Senate - both present here by its committee chairs - can do the country an enormous favor by fast-tracking this important bill, including its planned revision of procedures to harmonize and standardize, doing away with manifold import declarations, letting go of 'de minimis' value for reported (and taxed!) imports and imposing revenue objectives," EU Ambassador Guy Ledoux said during the Philippine Business Conference and Expo.
The ambassador suggested that the Philippines should find alternatives other that pre shipment inspections or port load surveys in addressing port congestion as it would go against the TFA.
Adopting trade facilitation measures will help the country to maximize welfare gains from the upcoming Association of Southeast Asian Nations (ASEAN) integration in 2015.
"My wish is that more European companies will find their way to your magnificent country and contribute to help create jobs and added value to your economy," Ledoux said.
The EU, in partnership with the Philippine Chamber of Commerce and Industry, promotes the adoption of the TFA as it would assist in improving the current economic track of the country.