PH considering trade agreement with Turkey – DTI

THE Philippines is eyeing a preferential change settlement (PTA) with Turkey and searching at products that may be sourced from that u . S . A ., the Department of Trade and Industry (DTI) said.

At the sidelines of the First Philippine Garment, Leather Goods Industries, and Fabric Expo in Pasay City lately, Trade Undersecretary Ceferino Rodolfo said the Philippine-Turkey Joint Committee for Trade, Economic, and Technical Cooperation mentioned any such deal in a assembly earlier this 12 months.

“During the meeting, it become discussed that we’re open [to the PTA and] we would look at it. They might also observe it,” he brought.

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“Right now, we are seeing a very good possibility [here to source] certain strategic merchandise.”

According to the Trade legitimate, the PTA might decrease the tariff on sure items, including textiles—one product that the usa is planning to source from Turkey.

“Their fabric is surely desirable. We will get the textiles from them (Turkey), make [garments out of them] right here, and then export it to [Southeast Asia] and other international locations,” Rodolfo stated.

The united states presently imports textile from China, South Korea, Indonesia, and Vietnam, he added.
In alternate, Turkey can source automobile parts and tropical products from the Philippines.

A PTA—that’s restrained to goods and less comprehensive than a loose change agreement—could be “strategic” for both Manila and Ankara, the Trade undersecretary stated, however emphasised that talks on it had been nevertheless exploratory.
“So a ways, we have not reached out to them after the meeting,” he brought.

Rodolfo’s comments got here after Trade Secretary Ramon Lopez led a enterprise delegation that traveled to Turkey in February and signed summaries of discussions on alternate, investment promotions, and financial cooperation.

Lopez additionally signed a memorandum of understanding with Arda Ermut, president of the Investment Support and Promotion Agency of Turkey (Ispat), at the goal of both nations to exchange great practices and records on investment environment and opportunities.