PH urged to take advantage of EFTA trade deal
The Philippine business community is encouraged to use its free trade agreement (FTA) with the European Free Trade Association (EFTA) while the utilization rate between both groups is still low.
During a virtual briefing, the Swiss Ambassador to the Philippines Alain Gaschen said that Filipino firms could register to trade and export with countries like Iceland, Liechtenstein, Norway, and Switzerland.
The Philippines-EFTA FTA entered into force in June 2018. Through the FTA, Philippine exporters can benefit through lower or zero tariffs for goods entering the EFTA states, liberal rules of origin, and trade-facilitating measures.
Gaschen disclosed that the Philippines registered a trade surplus and reversed its trade deficit with EFTA after the trade agreement took effect.
He stated that given the deal’s potential benefits, efforts are now being undertaken to further promote the agreement.
The ambassador stated that they “have been looking into different products that can be good to export to Switzerland and also some sectors to export to the Philippines.”
The agency is also working with the Department of Trade and Industry (DTI) and the Department of Agriculture (DA) to fine-tune the instrument.
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