Jewelry manufacturer and exporter 7 Castles Inc. has started using the country’s free trade agreements with China and Japan, to allow it to better compete with other suppliers, cut costs, and penetrate more markets.
In a recent statement, 7 Castles chief executive Ma. Asuncion Faustmann said the company just now recognized the importance of free trade agreements (FTAs), following one of its major clients’ expansion to China and Japan.
Local businesses can become more competitive in markets where the country has an existing trade agreement by taking advantage of reduced or eliminated tariffs on a wide range of products.
In the case of 7 Castles, the company started to utilize the China FTA, secured through the Association of Southeast Asian Nations, and the Philippines-Japan Economic Partnership Agreement.
Faustmann said that to “keep market share and attract new clients,” the sterling silver jewelry maker also planned to use the Asean-Australia-New Zealand FTA to support its plan to enter the Australian market.