Breaking News: Romualdez pitches to boost trade, nuclear agreements with US lawmaker
MANILA,PHILIPPINES: Speaker Martin Romualdez has sought to advance bilateral trade relations and nuclear energy cooperation between the Philippines and the United States (U.S.) in his meeting with House member Gary Palmer on Tuesday (April 16 U.S. time). According to a statement issued Wednesday, Romualdez led the Philippine delegation in a dialogue with Palmer, who represents Alabama's 6th congressional district, at Capitol Hill, Washington D.C. to discuss expanding trade opportunities and nuclear cooperation between the two countries. During the meeting, Romualdez called for the revival of the U.S. Generalized System of Preferences trade program to spur more investments and generate jobs in the Philippines.
The Generalized System of Preferences Program, established in 1974, has granted duty-free treatment to exports of certain products by developing nations into the U.S. The products range from electronics and agricultural products. The program expired in December 2020 despite legislative efforts to extend it. “Before the GENERALIZED SYSTEM OF PREFERENCES program lapsed, the Philippines exported more than 2 billion U.S. dollars worth of goods tax-free to the U.S. annually through the program,” Romualdez said. “The program has been instrumental in creating jobs and investments in export manufacturing, benefiting both economies,” he added. He said with the possible reauthorization of the GENERALIZED SYSTEM OF PREFERENCES program, U.S. buyers of Philippine products would benefit from the duty-free status of Philippine exports. “This will lead to decreased prices in the U.S. for these products and commodities, thereby easing inflation,” he said.
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