Philippines: Bid to clinch free trade with EFTA
The DTI said the current administration targets to have a solid agreement by 2016.
In a public hearing, the DTI said investments from EFTA countries in the Philippines have declined to P37.81 million in 2013 from P13.81 billion in 2010. Only 4.61 percent of EFTA investments in Asean go to the Philippines.
“But there is a significant room to improve,” the DTI said in a document presented to the Tariff Commission hearing.
EFTA imports from the Philippines only comprise 2.78 percent of its Asean imports on products similarly sold by the Philippines.
EFTA exports to the Philippines in 2013 stood at $370 million compared to $390 billion for an equivalent of 12 percent.
The Philippines and EFTA are currently in the second round of talks for the free trade agreement. The third round is set on September while the fourth and final round will be in November.
EFTA countries have a combined gross domestic product (GDP) of $1.22 trillion and a population of 13.52 million with an average GDP per capita of $91,928.
Source: malaya.com.ph
