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Obama skips 'Save Act', Filipino govt still hopeful
29 Oct '11
1 min read
The move of the Philippine government to have the “Save our Industries” act passed by the US government suffered a setback, as the administration skipped the act, while signing free trade deals with three other countries.
Last week President Barrack Obama signed agreements for three free trade deals with South Korea, Colombia and Panama, but skipped the Philippine FTA.
However the Philippine government is hopeful of the deal being signed, since there are still a few small agreements pending in the US House of Congress.
The Save Act is expected to revive the garment and textile sector in both the countries through a preferential tariff deal, which will make Philippine exports to the US duty free.
The deal envisages duty free exports of Philippine produced clothing which use, US produced raw materials like yarns and fabrics.
The passage of this deal is expected to create thousands of job opportunities in both the countries.
Last week President Barrack Obama signed agreements for three free trade deals with South Korea, Colombia and Panama, but skipped the Philippine FTA.
However the Philippine government is hopeful of the deal being signed, since there are still a few small agreements pending in the US House of Congress.
The Save Act is expected to revive the garment and textile sector in both the countries through a preferential tariff deal, which will make Philippine exports to the US duty free.
The deal envisages duty free exports of Philippine produced clothing which use, US produced raw materials like yarns and fabrics.
The passage of this deal is expected to create thousands of job opportunities in both the countries.
Fibre2fashion News Desk - India
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