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Manila Bulletin devider Business devider Trade & Industry devider DTI to open foreign trade advisory center

DTI to open foreign trade advisory center

Published May 27, 2024 01:31 pm

The Department of Trade and Industry (DTI) will soon set up foreign trade advisory centers to improve its assistance to domestic enterprises that are eager to tap into the global market and engage in foreign trade.

“We are in the process of establishing international trade advisory centers in the regions to get close to enterprises operating outside Metro Manila and provide them with handholding advice, mentoring, and other support services,” said DTI Secretary Alfredo E. Pascual during a panel at the Philippine Economic Briefing 2024 on May 27.

This is complementary to their existing programs for businesses, following the ratification and entry of force of the Regional Cooperative Economic Partnership (RCEP) Agreement by the Philippines, which had introduced mutually beneficial trading arrangements between the Southeast Asian nations (or ASEAN), Australia, China, Japan, South Korea, and New Zealand.

Pascual noted that the agency is holding annual international trade forums to promote the incentives given by the Philippines for foreign businesses, and is continuing its educational and advocacy campaign “Usapang Export,” which tackles the benefits of free trade agreements (FTAs) like RCEP.

Moreover, the DTI is also developing its import surge monitoring system to address concerns of heightened imports of foreign products alongside exports to the country due to RCEP.

Pascual mentioned that many business organizations and companies have already registered in the system, especially firms in the sectors of steel, cement, wood, and ceramics.

“This is an important support system that we are providing our manufacturers in the Philippines, so that we can protect their market in cases of dumping from foreign producers that are availing of the reduced tariff and other FTAs,” he said.

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