THE Department of Trade and Industry (DTI) and the Philippine Exporters Confederation Inc. (Philexport) have formalized a partnership to enhance the use of free trade agreements (FTAs) and other preferential trade arrangements.
The memorandum of understanding (MoU) that also aims to strengthen ties between the government and the exporter community was executed by Trade Secretary Alfredo Pascual and Philexport President Sergio Ortiz-Luis Jr. on June 11, 2024 in the DTI office in Makati City.
"We aim to enable our exporters and would-be exporters to capitalize on the benefits of our free trade agreements, allowing them to leverage broader market access to promote Philippine products globally," said Pascual, adding that there is a need for an effective education campaign to raise awareness on the country's FTAs.
The partnership aims to maximize the advantages provided by FTAs such as the Regional Comprehensive Economic Partnership Agreement, Philippine-European Free Trade Association, Philippine Japan Economic Partnership Agreement, and trade agreements within the Association of Southeast Asian Nations.
The DTI said that this will be done by strengthening the DTI's Trade Education and Advocacy Campaign.
Pascual added that the strategic partnership will establish a solid foundation for a strong relationship and boost the collaborative efforts of DTI and Philexport in trade facilitation, policy development, and economic growth.
Additionally, both parties aim to ensure the successful implementation of the Philippine Export Development Plan 2023-2028. In 2023, the Philippines marked a 4.8-percent increase in total value of exports, reaching $103.6 billion for goods and services.
The MoU also stipulates that DTI and Philexport will collaborate on other key initiatives including capacity-building activities and mentorship programs, as well as the provision of networking and linkage opportunities for business and industry associations, among others.
"We welcome this renewed partnership and are confident that enhanced coordination between government and private sectors will lead to more efficient processes and increased competitiveness," the Trade chief said.
Streamlining trade processes, removing trade barriers, and expanding market access are also among the targets of the MoU to ensure that Philippine products remain globally competitive.
Philexport is the country's umbrella organization of exporters mandated to strengthen the country's export industry through its advocacy, export promotion, and development programs. It has been the DTI's partner in boosting the country's exports.
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