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Philippines mulls PTA with Turkey to revive garment sector
01 Sep '18
1 min read
The Philippines is exploring the possibility of forging a preferential trade agreement (PTA) with Turkey to take advantage of the latter’s weak currency, according to the former’s trade undersecretary Ceferino Rodolfo. The aim is to help revive the local garment industry by sourcing textiles for garment manufacturers and exporters, he said.
The pact could introduce a zero-tariff regime. Rates are between 10 per cent and 20 per cent at present.
The idea of a PTA first emerged in February when both countries created the first joint committee on economic and technical cooperation (JCETC), media reports in the Philippines quoted Rodolfo as saying.
As Turkish textiles have become more price competitive with the depreciation of their exchange rates. These are the types of things that we need to go into and go into fast,” Rodolfo said.
The number of spinners, which turn raw material to yarn and fabric, has dropped in the Philippines. (DS)
The pact could introduce a zero-tariff regime. Rates are between 10 per cent and 20 per cent at present.
The idea of a PTA first emerged in February when both countries created the first joint committee on economic and technical cooperation (JCETC), media reports in the Philippines quoted Rodolfo as saying.
As Turkish textiles have become more price competitive with the depreciation of their exchange rates. These are the types of things that we need to go into and go into fast,” Rodolfo said.
The number of spinners, which turn raw material to yarn and fabric, has dropped in the Philippines. (DS)
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