THE Department of Trade and Industry (DTI) said it will focus on semiconductors and agricultural products during its next trade mission to Tokyo this month, which will also involve the review of the Japan-Philippines Economic Partnership Agreement (JPEPA).
“The next trade mission is Tokyo. For Japan, usually the focus is semiconductors and also coconut. Retail is also coming to the Philippines especially with the CREATE MORE,” Trade Secretary Ma. Cristina A. Roque told reporters on the sidelines of an event on Tuesday, referring to the new law on investment incentives.
President Ferdinand R. Marcos, Jr. last year signed the CREATE MORE Act, which reduces the corporate income tax rate to 20% from 25% for registered business enterprises.
Ms. Roque said that the JPEPA is also expected to be discussed during the trade mission.
“We have to take that up also, because there are some other agricultural products that we want to push,” Ms. Roque said.
In 2024, the DTI said that the JPEPA should be reviewed to factor in developments in digital trade, intellectual property, sustainable development, and the possible cooperation arrangement focusing on innovation and technological development.
JPEPA is the Philippines’ first bilateral free trade agreement, entered into in 2008. JPEPA covers trade goods, rules of origin, customs procedures, investment, movement of natural persons, intellectual property, and government procurement. — Ashley Erika O. Jose