Companies in the Philippines are urged to register to trade and export with EFTA countries Iceland, Norway, Liechtenstein, and Switzerland to take advantage of the benefits of the free trade agreement (FTA) between the countries.
In a recent online briefing, Swiss Ambassador to the Philippines Alain Gaschen said that the utilization rate of the FTA between the Philippines and EFTA is still low both ways. But “there is still a potential for savings for all involved,” he said.
The Philippines-EFTA FTA entered into force in June 2018 and through the deal, Philippine exporters can benefit through lower or zero tariffs for goods entering the EFTA states, liberal rules of origin, and trade facilitation measures.
The Ambassador said that efforts are being taken to promote the instrument given the potential to benefit from the FTA and that there is also a focus on encouraging sustainable business practices.
“We want to promote sustainable and responsible business because I think this is relevant in the future and the crisis has shown both consumers and regulators and also the workforce are now demanding more responsibility and more sustainability and this will be one of our major focuses this year,” he said.
Source: Phill Star