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Textile and garment industry banks hope on possible US-PH FTA

Trade and Industry Secretary Ramon Lopez told reporters on Thursday that the government will try to help the industry through a possible free trade agreement (FTA) with one of its oldest allies. “We used to be one of the biggest exporters of garments in the world. We supplied to the US. Hopefully, we can bring it back with an FTA,” he said. He said this on the sidelines of the first ever https://www.labtest.co.th/product/marking-pens-tautex-digital-crimp-tester/ “Philippine Garment Leader Goods Industries & Fabric Expo,” participated by 81 local and foreign companies in search of http://www.labtest.co.th/product/crease-wrinkle-recovery-testers/ buyers. Only more or less 20 companies are from the Philippines, which shows a glimpse of the current state of the industry. As the US focuses on bilateral FTAs instead of multilateral deals, there are high hopes that this would eventually bear fruit to an FTA with the Philippines. Preliminary talks are already ongoing, with the initial goal of finding enough mutual gains to jumpstart the formal negotiations. This will be a good opportunity for the local industry, which used to be very competitive in its exports, and was even considered a sunrise industry during the 90s, according to DTI-attached agency Board https://www.labtest.co.th/product/sharp-edge-tester/ of Investments in a separate statement. Export performance, however, dropped since the abolition of textile quotas by the World Trade Organization in 2005. As a result, garment and textile enterprises in the Philippines which relied on quotas underwent difficulties leading to closure of factories and downsizing, BOI said.

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