PHL to Seek Zero Tariffs for Bananas in JPEPA Review

The Philippines is set to push for the complete removal of tariffs on its banana exports during the review of the Japan-Philippines Economic Partnership Agreement (JPEPA), according to the Department of Trade and Industry. This initiative is part of the country's broader strategy to become the world's leading banana exporter. "Currently, our tariff is 8% to 18% depending on the season. In the end, zero tariffs are what we want," Trade Secretary Maria Cristina A. Roque told reporters on the sidelines of the ASEAN Business Media Exchange Forum on Monday. To achieve lower banana tariffs, Ms. Roque indicated that the Philippines is open to offering reduced duties on its imports of Japanese vehicles. JPEPA, the Philippines' first bilateral free trade agreement (FTA), already reduces tariffs on over 90% of goods traded between the two nations. The Philippines has long sought a review of the pact to better reflect current trade dynamics. "If everything goes as planned, we should conclude (JPEPA talks) by November," she stated. "Definitely, we want to reach number one," she added, referring to the ambition to top the global banana export market. Last year, the Philippines shipped 2.93 million metric tons of bananas, making it the world's second-largest exporter after Ecuador, according to the UN Food and Agriculture Organization. — Beatriz Marie D. Cruz Information source: BusinessWorld Economy