MANILA, Philippines - The Philippines and Switzerland have signed an agreement for the establishment of a Joint Economic Commission (JEC) to study the lowering of tariffs in several industries, according to the Department of Trade and Industry (DTI).
The creation of the body would pave the way for the establishment of a Free Trade Agreement (FTA) between the two countries.
The JEC would facilitate regular dialogs between the two countries for the improvement of the business environment and facilitation of bilateral trade and investment inflows.
It would also serve as the platform to conclude other mutually beneficial economic agreements between the two countries and provide the mechanism to organize consultations and official visits through delegations or missions to deal with specific economic and trade issues.
The JEC would also provide the opportunity for private sector participation and the development of initiatives with relevant business organizations.
Trade Secretary Gregory Domingo, who signed the agreement for the Philippines, said the deal is among the priorities of President Aquino.
Trade Undersecretary Adrian S. Cristobal Jr. emphasized that the JEC demonstrates the commitment of the two countries to strengthen and move forward their economic relations.
In 2012, Switzerland ranked as the Philippines’ 23rd largest trading partner out of 214 countries.
Total trade was valued at $646.79 million with exports at $381.03 million and imports at $265.75 million.
The Philippines exports machinery, medical equipment, textile, garments, mineral compounds and agricultural products to Switzerland and imports chocolates, watches and machinery.