outbrain
Close  

PH seeks review of economic agreement with Japan

The Department of Trade and Industry will soon review the Philippines-Japan Economic Partnership Agreement (PJEPA), aiming to request its counterpart in Japan to lower the seasonal tariff on pineapples and bananas.

“We’ll be having a review to further strengthen the PJEPA to see what else could be liberalized,” Trade and Industry Secretary Ramon M. Lopez told reporters Tuesday on the sidelines of a business forum.

ADVERTISEMENT

At present, Lopez said, seasonal tariffs are imposed on certain agricultural products, including bananas and pineapples. This means Japan slaps higher duties on such products during the months they are “in season” or are being produced there. Lower tariffs are imposed on lean months. In a text message, he said the trade department would continue to seek the lowering of tariff for increased market access.

PJEPA was signed in 2006 by heads of the Philippine and Japanese government. Lopez said that since then, trade between both countries had substantially improved.

FEATURED STORIES

Japan accounts for the biggest share in Philippine merchandise exports, latest data from the Philippine Statistics Authority showed.

However, from January to November last year, export of goods to Japan slid by 6 percent to $10.7 billion from $11.38 billion in the same months in 2015.

Japan is also the Philippines’ biggest source of foreign investments, according to data from the central bank. Net foreign direct investment flows from Japan totaled to $926.42 million from January to November 2016, much higher than the $139.95 generated in the same period in the previous year.

This comes as the Japan External Trade Organization, which promotes trade and investments, held Tuesday a forum that seeks to invite more Filipino firms to locate in Japan.

Read Next
EDITORS' PICK
MOST READ
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Business, economy, Japan, News, PH
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2020 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.