Philexport, Taiwanese group to boost trade

THE Philippine Exporters Confederation Inc. (Philexport) and the Importers and Exporters Association of Taipei (IEAT) recently signed an agreement to boost trade and investment between the Philippines and Taiwan.

In a statement, Philexport said that under the memorandum of understanding (MoU) signed last May 16, the two trade organizations agreed to enhance cooperation in the areas of importing and exporting, investment, information sharing, and other commercially-oriented activities to the benefit of their members and those they represent.

They agreed, among others, to facilitate the collaboration of small and medium enterprises in the two regions to access new markets; reinforce bilateral cooperation and further develop third-party markets; and exchange trade and market information of their respective goods and services.

Philexport President Sergio Ortiz-Luis Jr. said bilateral trade and investment relations of both the economies have been growing, even as the trade balance is heavily in favor of Taiwan.

"Within this context, the growth and objectives set forth in Taiwan's New Southbound Policy of shared cooperation and collaboration with Asean member states, South Asia, Australia and New Zealand augurs well with the Philippine's thrust to attract investments and expand trade, particularly exports," he said. Asean is the Association of Southeast Asian Nations.

Ortiz-Luis said the MoU mainly supports increased market access for small- and medium-sized enterprises and the promotion of e-commerce, logistics services and brand awareness.

"[These are the] strategies which Philexport and the Philippines have also been implementing under our development plans," he said.

IEAT Chairman Chiao-Chang Huang, for his part, said the partnership will enhance bilateral business exchange and deepen collaborative relationships between Taiwan and the Philippines, and work more closely to develop "greater opportunities for businesses" in the two regions.

IEAT represents over 6,250 companies from all major cities across Taiwan, with nearly 60 percent engaged in importing. Its members account for 40 percent of Taiwan's total trade and employ more than 600,000 people.

Source: The Manila Times