PH to intensify participation in trade negotiations: DTI

THE Department of Trade and Industry (DTI) has reported the country will further intensify participation in the negotiations of trade agreements, particularly those with the European Union (EU) and United States (US), in its bid to seize more trading opportunities.

"(We are) constantly on the lookout for opportunities brought about by bilateral, regional and international trade agreements such as the one with EU and the TPP (Trans-Pacific Partnership)," Trade Secretary Gregory Domingo said.

The TPP is a regional agreement that the US and Asia-Pacific countries are negotiating and in which the Philippines has expressed interest.
The Philippines should also pursue a bilateral free trade agreement (FTA) with the EU to ensure access to a region which is among the world's largest trade and investment partners for both goods and services, according to think tank Universal Access to Competitiveness and Trade.

Domingo said bulk or 60 percent of Philippine exports during the last five years went to Association of Southeast Asian Nations (Asean) and East Asian neighbours compared to 10 years ago when half of the country's total exports went to the US and EU.

But despite lower shipments to the EU and US and the economic slowdown in China and Japan, Domingo said that the country's merchandise exports rebounded last year to reach $52 billion, the highest recorded export earnings in the Philippine history.

"This is due to the diversified and balanced geographic markets we served as well as the big improvement in non-electronics exports which more than make-up for weakness in consumer electronics," he said. (PR)