The umbrella organization of Philippine exporters has partnered with Taiwan’s largest and most influential trade group as they work to increase trade and investment opportunities between the two countries.
The Philippine Exporters Confederation Inc. (PHILEXPORT) and Importers and Exporters Association of Taipei (IEAT) signed virtually Monday a memorandum of understanding (MOU) on mutual cooperation, banking on their complementary roles and services.
PHILEXPORT President Sergio Ortiz-Luis Jr. said bilateral trade and investment relations of both the economies have been growing, even as the trade balance is heavily in favor of Taiwan.
“Within this context, the growth and objectives set forth in Taiwan’s New Southbound Policy of shared cooperation and collaboration with Asean member states, South Asia, Australia and New Zealand augurs well with the Philippine’s thrust to attract investments and expand trade, particularly exports,” he said.
Ortiz-Luis said the MOU mainly supports increased market access for small and medium-sized enterprises (SMEs) and the promotion of e-commerce, logistics services, and brand awareness.
“(These are the) strategies which PHILEXPORT and the Philippines have also been implementing under our development plans,” he added.
IEAT chairman Chiao-Chang Huang said the partnership will enhance bilateral business exchange and deepen collaborative relationships between Taiwan and the Philippines, and work more closely to develop “greater opportunities for businesses” in the two regions.
IEAT represents over 6,250 companies from all major cities across Taiwan, with nearly 60 percent engaged in importing. Its members account for 40 percent of Taiwan’s total trade and employ more than 600,000 people.
PHILEXPORT is IEAT’s first sister organization in the Philippines and its 155th sister organization in the world.
Under the MOU, the two trade organizations agreed to enhance liaison and cooperation between them in the areas of importing and exporting, investment, information sharing and other commercially-oriented activities to the benefit of their members and those they represent.
They agreed, among others, to facilitate the collaboration of SMEs in the two regions to access new markets; reinforce bilateral cooperation and further develop third-party markets; and exchange trade and market information of their respective goods and services according to law and to disseminate this information to their members whenever possible and feasible.