LOCAL MANUFACTURERS URGED TO TAKE ADVANTAGE OF ZERO TARIFF IN AUSTRALIA, NEW ZEALAND

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Local manufacturers can look at opportunities in Australia and New Zealand as the two countries mull zero tariff for Asean members under the Asean-Australia-New Zealand Free Trade Agreement (AANZFTA). Jeremiah Reyes of the Department of Trade and Industry Bureau of International Trade Relations (DTI-BITR) said that Filipino manufacturers can take advantage of this opportunity by exploring the overseas market. Reyes added the ANZ market has growing demand in high-value goods and services. Asean members and ANZ had signed AANZFTA in January 2010 aimed at economic cooperation among signatory countries to create trade benefits.Economic cooperation includes frame working of competition policy, Intellectual property, e-commerce, investment, and trade in goods and services. The FTA also pushes reduction to elimination of tariff cost to further leverage flow of trade within Asean and ANZ economies.

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