MANILA – A study aiming to find the Philippines’ niche market in European Free Trade Association (EFTA) countries, particularly Switzerland, is targeted to be completed by December 2020.
In a statement Tuesday, the Department of Trade and Industry (DTI) said the Export Marketing Bureau (EMB) and the Swiss Import Promotion Programme (SIPPO) launched the market study to boost trade between the Philippines and EFTA.
The market study focuses on products such as processed food, natural ingredients, and natural fiber and textiles, DTI said.
"The results of this study will guide our exporters, especially the MSMEs (micro, small, and medium enterprises) in the sectors of processed food, natural ingredients, and natural fibers, on how to effectively promote their products in these markets, thus enabling them to maximize the benefits of our bilateral free trade agreement (FTA) with EFTA," EMB director Senen Perlada said.
In 2018, the Philippines entered into a free trade deal with EFTA countries composed of Iceland, Liechtenstein, Norway, and Switzerland.
Swiss Ambassador to the Philippines Alain Gaschen earlier said the Philippines has huge potential in exporting sustainable products to Switzerland.
He cited coconut fiber as a potential market in the EFTA country as Bern-based University of Applied Science has developed a kind of organic plywood made from coconut husks.
Last year, bilateral trade between the Philippines and EFTA reached USD817.99 million.
Philippine exports to EFTA nations amounted to USD433.81 million and combined imports from the four countries were valued at USD384.91 million.
Among EFTA members, Switzerland is the country’s largest export market with outbound trade reaching USD417 million. (PNA)
