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Monday, July 15, 2024

DTI discloses untapped export market in EU for Filipino MSMEs

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Exporting micro, small and medium enterprises in the Philippines stand to be benefit from the a list of guidelines released by the Department of Trade and Industry and the International Trade Centre, particularly in complying with key technical and regulatory requirements to successfully export to the EU.

Department of Trade and Industry assistant secretary and officer-in-charge of the Trade Promotions Group Glenn Peñaranda said trade with the EU holds significant importance for the Philippines.

“The EU GSP+ 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. The Business Guides offer key market information to the private sector for accessing the EU market,” he said.

The Export Potential Analysis 2021 by the International Trade Centre identified $13 billion in export potential for the EU market, of which $7.15 billion or 54 percent was 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,” said Philippine Exporters Confederation Inc. executive vice president Senen Perlada.

He said the business guides launched in Manila on July 25, 2023 would strengthen the competitiveness of exporters and their ability to seize opportunities in the EU.

He underscored the need for government to address the border issues faced by Philippine exporters to enhance their global competitiveness.

Developed by the ITC , in collaboration with the DTI and with 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.

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