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2003-11-7
The garment sector of Philippines is hoping for Free Trade Agreement (FTA) with United States soon and believes that it will benefit garment industry. Country''s biggest garment company , Fil-Pacific Apparel president Bernandine T. Siy said, will give domestic garments manufacturers a comparative advantage against foreign competitors.
A bilateral agreement, Ms. Siy said will eliminate tariff on goods entering the US market and facilitate import and export procedures -- both of which will greatly assist local players in competing with other foreign suppliers on the basis of quality and prices.
By 2005, the US will lift restrictions for the entry of foreign-made garments to its market, allowing US buyers to source garments from any country-supplier.
"Without an agreement, tariff on imported goods will be at an average of 15% as against other countries such as Singapore, Australia and Brazil which enjoy a 7.5% tariff," said Ms. Siy, in her speech at a management conference yesterday.
At present, the quotas limit the ability of the buyers to import garments and textile per country-supplier.
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