The Department of Trade and Industry (DTI) has sought stronger ties with the US-APEC Business Coalition, a prominent American business group, to further improve trade and investment opportunities between the Philippines and US.
Trade and Industry Secretary Alfredo E. Pascual meets with the US-APEC Business Coalition on May 26, 2023 in Detroit.
DTI Secretary Alfredo E. Pascual during a meeting the US-APEC business members at the sidelines of the Asia-Pacific Economic Cooperation (APEC) 2023 Ministers Responsible for Trade (MRT) Meeting on May 26 in Detroit both parties focused on trade and investment opportunities to boost and expand economic growth.
During the meeting, Pascual emphasized the need for the immediate reauthorization of the US Generalized System of Preferences (US GSP).
He highlighted the robust trade scheme that the Philippines has created for companies exporting to the US market. He also emphasized that the reauthorization will spur more investments, generate jobs, and promote skills development.
Likewise, Pascual conveyed the country’s desire to establish a Free Trade Agreement (FTA) with the United States, noting the vast trade and investment opportunities available between the two economies. With this, he also expressed gratitude to those who manifested support for the said trade agreement.
To facilitate investments and create a conducive, transparent, and enabling business environment, Pascual emphasized the major economic reforms that the Philippines has introduced such as the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, amendments to the Foreign Investment Act (FIA), Retail Trade Liberalization Act (RTLA), Public Service Act (PSA), and the approval of the 2022 Strategic Investment Priority Plan.
He also apprised American businessmen that in support of industry development, tariffs on electric vehicles (EVs) were eliminated, current investment regimes on solar, wind, and tidal energy were liberalized.
Likewise, he said the duty-free status of imported meat, rice, corn, and coal were extended to respond to global supply chain disruptions.
Further, the Philippines’ participation in the Indo-Pacific Economic Framework (IPEF) was also discussed during the meeting where the trade chief underscored, “Our participation in IPEF is significant as it is a mechanism that will offer tangible benefits which will further boost our economic recovery efforts such as more opportunities to cooperate on trade and investment. We are mainly interested in the areas of supply chain integration and strengthening crisis response."
The US is a key trading partner of the Philippines. In 2022, the US was the country’s top export market and 5th largest import market.
Exports expanded by five percent in 2022 and imports grew by 15 percent from 2021.
Also present in the meeting was DTI Assistant Secretary for Industry Development and Trade Policy Allan B. Gepty.