Phl looks to boost trade with Japan

MANILA, Philippines - The Philippines is participating in the upcoming Association of Southeast Asian Nations (ASEAN)-Japan Commemorative Summit in December as it seeks to strengthen trade and investment ties with Japan.

The Summit will be held in Tokyo from December 13 to 15.

Trade Undersecretary Adrian Cristobal said the summit, which features in trade fair and an economic forum, will give the Philippines a chance to explore  trade opportunities and meet with potential Japanese investors.

“We are participating there like all other ASEAN countries. It is an opportunity to exhibit the products that we have,” he said.

Trade Secretary Gregory Domingo has been invited to speak during the economic forum to discuss ways to boost trade and investment flows between Japan and ASEAN countries.

The ASEAN-Japan Commemorative Summit will discuss and explore strategies to effectively implement the ASEAN-Japan strategic growth road map which seeks to double the flow of goods, services and investments between Japan and ASEAN between 2012 to 2022.

The road map likewise aims to enhance the attractiveness of ASEAN as an investment destination and increase the technology transfer from Japan into the region.

During the event, measures on how to assist small and medium enterprises(SMEs) in the ASEAN and in Japan to do business in an integrated regional economy will likewise be tackled.

“We don’t want the economic integration and these free trade agreements to benefit just big companies. We want to see how SMEs can really participate,” Cristobal said.

Exports of ASEAN to Japan were valued at $130.68 billion in 2012. Imports of the regional block from Japan, meanwhile amounted to $135.69 billion last year.

Japan is the Philippines’ top export market, with outbound merchandise shipments valued at $9.88 billion in 2012.

In terms of imports, Japan is the Philippines’ third biggest source with total imports for 2012 amounting to $6.45 billion.

Japan is among the biggest sources of foreign investments approved by investment promotion agencies last year, accounting for 23.9 percent of investments attracted during the period which was valued at P69 billion.