Finance Secretary Carlos Dominguez III has underscored the critical role of the newly formed Philippine Trade Facilitation Committee (PTFC) in enabling the country’s micro, small and medium enterprises (MSMEs) to actively participate in international trade and broaden their access to global value chains.
During the first meeting of the PTFC on Wednesday, Dominguez said the Committee’s primary task of streamlining trade processes and modernizing major customs operations will be beneficial to MSMEs, which often lack access to the global markets and have no financial capacity to overcome the inefficiencies of the trading system.
The PTFC was created through Executive Order 136, which was issued last May 18 by President Rodrigo Duterte to enable the Philippines to comply with its commitments under the World Trade Organization-Trade Facilitation Agreement (WTO-TFA).
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