THE European Union (EU) continues to expand its long-standing commitment to the Philippines to promote trade and investment for further economic development, inclusive growth and poverty reduction through the Trade Related Technical Assistance 3 (TRTA 3) project.
EU provides P453 million, or €8 million, for the TRTA 3 project that brought the total of its trade-related assistance since 2005 to the Philippines to P1.019 billion, or €18 million.
The goal of the contribution is to further promote the integration of the Philippines into the regional and international trading and investment system by an integrated approach containing reforms in policy and legislation, procedural and technical improvements, as well as capacity development.
“There is sufficient evidence that outward-looking countries opening up trade and investment opportunities have better- than-average records in achieving respectable economic growth rates, greater equity, more inclusiveness and higher poverty reduction,” said EU Ambassador Guy Ledoux in his speech during the project’s launching in Makati City.
Ledoux highlighted the current achievements of the Philippine government since the cooperation started in 2005 that gave the country access to the EU market of 500 million consumers for seafood products by the EU’s support in the development of quality standards, capable inspection and good aquaculture practices that meet international requirements.
“In 2012 this represented $175 million in Philippine fishery exports. Yet this is only the beginning as the potential is largely unexploited,” Ledoux added.
He also cited that TRTA projects have led in increasing trade volume through the “Electronic to Mobile” system, a platform that aids electronic payments and submission of customs declarations.
TRTA 3 is the result of the success of the first two phases that contributed to the Philippines’s higher ranking in the 2011 Trading Across Borders Index of the World Bank Business Report from the 68th to the 61st position.
Ledoux promised the EU’s unwavering commitment to help the Philippines in undertaking steps to see an economy that creates jobs and take the country further on a sustainable growth path, stressing that economic reforms are a longterm undertaking.
The work plan that will operationalize TRTA 3 was developed to enhance the capacity of select government agencies with collaboration from the private sector, academe and civil society in facilitating further integration into the international and regional trading and investment system.
Being the department responsible for administrative and financial management on behalf of the Philippine government, Trade Secretary Gregory Domingo expressed confidence that the TRTA 3 will serve as the avenue for more economic breakthroughs for the country and will fortify the cooperation between the Philippines and the EU.
“With the TRTA 3 support, we will build more capacity to address constraints, increasing trade such as the SPS [Sanitary and Phytosanitary] management control system, the national quality infrastructure, competition policy, trade facilitation and industry development policy. TRTA 3 should eventually lead to economic activities that result in business growth, job creation and inclusive growth,” said Domingo.
Aside from the Department of Trade and Industry (DTI), there are other stakeholders that are in charge of the different components of the project, such as the Department of Justice for competition policy development, the DTI-Bureau of Product Standards and the Philippine Accreditation Office for national quality infrastructure, the Department of Agriculture and the Food and Drug Administration for SPS conformity, and the Bureau of Customs for trade facilitation.
The project will also be a factor in the consolidation and establishment of new systems in reducing costs and delays of engaging in trade.
Moreover, the project will augment the government’s competence to implement some of the key policies and technical priorities identified in the Philippine Development Plan (PDP) 2012-2016 and it will strengthen the industry and endorse genuine competition.
Source: Ricardo D. Cruz, Business Mirror, 29 June 2013
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