Local manufacturers seen to benefit from trade deal

Local industries are ex­pected to benefit from the Japan-Philippines Industrial Coopera­tion Initiative forged by the trade and industry depart­ments of Manila and Tokyo.

During the state visit of President Duterte to Japan, Trade and Industry Secretary Ramon Lopez and Economy, Trade and Japanese Indus­try Minister Hiroshige Seko signed the industrial coopera­tion deal.

The partnership aims to promote bilateral cooperation between the two countries in automotive industry and oth­er manufacturing industries, micro, small and medium en­terprises (MSMEs), services, business environment, and human resource development.

In the joint statement of DTI and METI the Philip­pines and Japan will discuss the details of the country’s industrial development vi­sion, which is a collection of policies that will define the fu­ture of Philippine industries.

“Aligned with the Phil­ippines-Japan Industrial Co­operation Plan, the JS also noted developments that are supportive of the country’s Comprehensive Automotive Resurgence Strategy (CARS) program, as well as recog­nized importance of conven­ing an Industrial Cooperation Dialogue (ICD) in crafting an industrial development vi sion for the Philippines,” a Department of Trade and In­dustry (DTI) statement said.

“Both sides confirmed plans to pursue initiatives un­der the ICD for inclusive and sustainable manufacturing growth that will cover areas of MSMEs, regional develop­ment and services, as well as the creation of an innovation ecosystem,” DTI added.

The deal likewise assured Japan’s support to the Philip­pines’ hosting of Asean Sum­mit next year.

Japan will also host the Asean Economic Ministers (AEM) Roadshow in coop­eration with Lopez who will co-chair with Tokyo at the AEM-METI consultation meeting.