NextGen Day

Ambassador Katherine Tai of the United States Trade Representative has pledged to support the Philippines in extending the US Generalized System of Preferences (GSP), which expires in December 2020.

At a press conference for the local media on Tuesday in Makati City, Tai said, “I have conveyed my support to the Congress for the Congress to reauthorize, but such action must be made by the US Congress.

The US GSP is advantageous to the Philippines since it offers 3,500 tariff lines with $0 duty.

One of the top five nations that get US GSP aid is the Philippines.

Reauthorizing the GSP benefits for the Philippines by the US Congress is essential for the nation because the US is one of the top two markets for Philippine exports.

According to the East-West Center’s Asia Pacific Bulletin, since the US GSP’s 2020 expiration, American companies importing from the Philippines have paid an additional USD121 million in tariffs on USD1.9 billion worth of goods covered by the program.

It stated that the US GSP should be renewed since it is “a valuable tool in strengthening Philippine-US trade.”

Human rights and labor concerns are among the factors that the US Congress is taking into consideration before reauthorizing the GSP for the Philippines.

The US Congress is looking into including the environmental criterion in the trade preference program, according to the visiting US trade envoy in Manila.

Tai said that the Biden administration favors a trade that is labor-centered since it will enhance employees’ quality of life.

“And because people have numerous facets, we need to consider creating a trading strategy that will be beneficial for both consumers and employees. As a result, I frequently visit both my trade counterpart and my labor counterpart throughout our interactions with all of our trading partners. In an effort to advance this initiative of fusing the trade and labor talks with all of our partners, I will meet with both corporate and labor leaders during my visits.

Tai will be in Manila from April 16 to April 18 on business. She will visit Manila first and then head to Tokyo.

Her trip to Asia intends to highlight the significance of the US-led Indo-Pacific Economic Framework, whose signatories include Japan and the Philippines.

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