Trade and Industry Secretary Cristina A. Roque said the Philippine tariff negotiation with the U. S. includes coconuts, an export industry that brings in at least USD2 billion in annual export revenue.
The 19 percent reciprocal tariff imposed by the U.S. on Philippine exports took effect on August 1, but for coconut exports Roque said, “We’re still under negotiation with the U.S. so nothing is final yet,” said Roque. Coconut is among the many other products that the Philippines is negotiating for possible exclusion from the 19 percent reciprocal U.S. tariff.
Calling coconuts a star product, Roque cited the critical contribution of coconuts to the Philippine economy, thus the need to further strengthen its market. Roque also expressed confidence that exports of Philippines coconuts could breach the current annual export level of USD2 billion.
According to the DTI chief, prospects are quite robust as more Philippine products get additional market access with new bilateral free trade agreements being negotiated by the government are coming into stream.
Roque cited potential new coconut export markets in Japan, the Middle East, and South American market. The Philippines and the United Arab Emirates are expected to sign soon a Comprehensive Economic Partnership Agreement, a free trade deal that could expand the country’s exports including coconuts, she said.
Almost 300 micro small and medium enterprises engaged in the manufacture and exports of coconut products participated in the Coconut Philippines Trade Fair at Mega Trade Hall last Friday.
