ASEAN-China Free Trade Area 'opens doors' for PHL biscuit makers – DTI

The free trade area between the Association of Southeast Asian Nations (ASEAN) and China provides opportunities for Philippine biscuit manufacturers, the Department of Trade and Industry (DTI) said over the weekend. “In a way, the FTA opened doors to China. Now, we are more confident of entering China, which is a big market. Before, the duties were high but now it’s zero,” said Ferdinand T. Chanpongco, former head of the Biscuit Philippines cluster and export manager of Monde-Nissin Biscuit Philippines Corp., in a statement released by the DTI. According to the National Statistics Office and the DTI, the Philippines exported $948,832 worth of biscuits, waffles and wafers to China in 2011. The ASEAN-China Free Trade Area (ACFTA), which entered into force on Jan. 1, 2010, allows for reduced tariffs between China and ASEAN member nations. “The market opportunities in China, not only for the biscuit sector, are enormous. We are therefore urging exporters to tap China because it is now one of the world's biggest economies,” said DTI Bureau of Export Trade Promotion Director Senen M. Perlada. — BM, GMA News