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Japan becomes RP’s top trading partner 3 years into PJEPA |
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MANILA, Philippines — Japan has become the top trading partner of the Philippines since the two countries forged a bilateral economic partnership agreement in December, 2008.
This was revealed by Kenichiro Koreda of the Embassy of Japan recently in a review of the economic relationship between the two countries during a forum on "Doing Business in Free Trade Areas."
Koreda asserted that of the nine economic cooperation agreements Japan has hammered out with Asian countries including India in the past few years, the Philippines has planned out to be the best with 88.4 utilization.
Despite economic reversals both countries suffered since the Philippine-Japan Economic Partnership Agreement (PJEPA) took effect at the height of the global recession in late 2008, Philippine exports to its only bilateral trade partner have dramatically increased.
As of the first seven months of this year, Japan has maintained its record as the number one buyer of Philippine goods, importing an average of US$1 billion a month.
It has bumped off the United States as the top trading partner of the Philippines.
Koreda has revealed facts and figures that had shown that in both countries, more and more enterprises have taken advantage of the economic agreement in their bilateral trade with each other.
In the case of Japan, members of the automotive industry were the biggest users of the agreement while usage of perks the pact provided was more diverse among Filipino exporters.
Koreda also noted the increase in the export of goods included food, mineral products wood and paper, textile articles, chemicals, electrical machinery and base metal.--- EDU LOPEZ/Manila Bulletin
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