THE Philippines aims to replicate its successful program intended to maximize the benefits and privileges free trade agreements (FTAs) offer, in a bid to achieve $122 billion in exports by 2022.
Department of Trade and Industry (DTI) Undersecretary Nora Terrado said the implementation of Doing Business with FTA (DBFTA) illustrates how trading arrangements can be maximized.
“DBFTA is viewed by traders, exporters, and other businesses as access points to specific markets,” she said.
Terrado said a program such as DBFTA can be a vehicle for both advocacy and promotion in trading arrangements and markets.
“Ultimately, these will expand market access and diversify export products through strategic trade partnerships in the process of bilateral, regional and global integration,” she added.
Exploiting opportunities from trading arrangements are among the three key strategic agenda identified under the Philippine Export Development Plan (PEDP) 2018-2022, which is up for approval by President Rodrigo Duterte.
Other strategies involve improving the overall climate for export development and designing comprehensive packages of support for selected products and services sectors.
Terrado pointed out that movements of the real exchange rates and real interest rates are of special concern to exporters, along with other macroeconomic variables.
“For instance, maintaining a market-oriented exchange rate tends to uniformly encourage exports, naturally protect and promote domestic-import-substituting industries, reduce trade deficits, and accumulate international reserves,” she said.
Terrado added that part of PEDP 2018-2022 Strategy 3 recognizes the larger Inclusive Innovation Industrial Strategy (i 3S) as a foundation for integrated industrial development where inter-related industries feed on each other, both in the domestic and international markets. (Philexport News And Features)