Philippine exporting micro, small, and medium enterprises (MSMEs) can benefit from information, particularly on complying with key technical and regulatory requirements to successfully export to the huge European Union (EU) market especially given its untapped export opportunities.
Department of Trade and Industry Asec. and OIC of the Trade Promotions Group Glenn Peñaranda said trade with the EU holds significant importance for the Philippines.
“The EU GSP+ (Generalised Scheme of Preference Plus) has been instrumental in expanding our exports to the EU market, contributing not only to economic growth and inclusive development, enabling our communities across the country to engage in exports to the EU. There is still untapped potential in the EU market,” he said.
The Export Potential Analysis 2021 from the International Trade Centre (ITC) identified $13 billion export potential for the EU market, of which $7.15B or 54 percent is untapped potential. This indicates the Philippines can still grow its presence in the EU market.
“There is tremendous potential in the Philippines to grow its presence in the EU market and Philippine MSMEs have a real opportunity to benefit from international trade,” Philippine Exporters Confederation, Inc. Executive Vice President Senen Perlada said.
Perlada said the business guides launched on July 25 for the Philippine private sector will strengthen competitiveness of exporters and their ability to seize opportunities in the EU.
Developed by the DTI with the assistance from the ITC and inputs from the public and private sectors to respond to challenges of exporting, the Business Guides on Exporting to the EU from the Philippines will be a useful tool for local businesses seeking to understand and comply with key technical and regulatory requirements to export to the EU market.
The guides also seek to address other challenges faced by MSMEs and new exporters in terms of understanding the opportunities available, the avenues to export to the EU, complying with complex and evolving requirements to trade with the EU, or demonstrating compliance.
The business guides are a series comprising a general guide, and five sector specific guides covering raw agricultural products, processed food products, garments and textiles, machinery, and electrical equipment.
Relevant references to practical tools for staying up to date on the specific requirements are also available to users.
Philipp Dupuis, head of Trade and Economic Affairs from the delegation of the EU to the Philippines, congratulated the DTI and the ITC for the development and publication of these Guides, which come out at a “good moment and serve a real need”.
“Trade of the Philippines with the EU has overtaken pre-pandemic figures, but there is still a lot of scope, which can be attributed to the lack of knowledge of Philippine exporters on exporting to the EU,” he said.
“The Guides we are launching come at the right moment, providing a tool that will hopefully fill this knowledge gap. We hope the Guides will find practical applications and support Philippine exporters to trade more with the EU, including in the framework of the extension of the current GSP+ framework until 2027,” he added. – Press release