The Philippines has requested Japan to consider granting the country enhanced market access for key exports such as cavendish bananas as part of the concessions in the Japan-Philippines Economic Partnership Agreement (JPEPA).
In exchange, the Philippines said it can consider Japan’s interest in key sectors such as automotive products.
Japan slaps 18 percent tariff on bananas during the winter season and 8 percent during summer under JPEPA which limits access of the fruit to the country.
Alfredo Pascual, secretary of the Department of Trade and Industry expressed the Philippines’ readiness to discuss at the earliest opportunity the finalization of the general review of the JPEPA in a meeting with Minister Yasutoshi Nishimura of Japan’s Ministry of Economy, Trade and Industry in Tokyo on Monday.
The general review would have tackled remaining trade concessions of the deal.
During the meeting, the officials noted the strong economic complementarities between the two countries, particularly in the areas of investment, energy, critical minerals, carbon neutrality, innovation and digital trade, among others.
At a dinner organized by the Philippine Trade and Investment Center in Tokyo, Pascual urged top Japanese trading houses to actively participate in efforts to enhance bilateral economic and trade relations between the Philippines and Japan.
The meeting was attended by officials of Itochu Corp., Marubeni Corp., Sojitz Corp., Sumitomo Corp. and Toyota Tsusho Corp.
Pascual also met with Murata Manufacturing Co. Ltd. which through unit, the Philippine Manufacturing Co. of Murata Inc. (PMM) has invested a total of P33 billion for their manufacturing facility in the Philippines. The company employs 3,300 and has contributed $1.27 billion in exports since 2012.
