Exporters and micro, small and medium enterprises (MSMEs) are seen to reap significant benefits from a new cooperation between the Department of Trade and Industry (DTI) and Philippine Exporters Confederation Inc. (PHILEXPORT) that seeks to elevate the business sector’s awareness and utilization of free trade agreements (FTAs).

DTI Secretary Alfredo E. Pascual and PHILEXPORT president Sergio R. Ortiz-Luis, Jr. signed on 11 June 2024 a memorandum of understanding (MoU) formalizing the two sides’ cooperation to promote the utilization of the Regional Comprehensive Economic Partnership (RCEP) and other Philippine FTA initiatives.

The MoU is intended to enlarge the knowledge and usage by exporters and MSMEs of FTAs, preferential trade arrangements (PTAs), economic partnership agreements (EPAs), and similar pacts including RCEP in order to improve the export community’s global competitiveness and expand its market access.

Strategic partnership

“Through this strategic partnership, we will launch a comprehensive trade education and advocacy campaign that will empower our exporters with the knowledge and tools needed to capture the international market,” said Pascual in a post on his FB page.

“Equipped with this expertise, they will unlock a wave of new business opportunities, create big-ticket jobs, and propel the Philippines economy towards sustainable growth.”

For his part, Ortiz-Luis said: “This worthy endeavor seeks to address the relatively low utilization by our exporters of Philippine-initiated FTAs, EPAs, PTAs and similar trade pacts. Our intent is to open their eyes to the many benefits, opportunities, and advantages that await them once they learn to fully utilize these free trade pacts.”