Senate ratifies deal to benefit exporters

senate ratifies deal to benefit exporters

Sumary of Senate ratifies deal to benefit exporters:

  • THE Philippines is now part of the ATA Carnet System with the Senate Committee on Foreign Affairs ratifying the Convention on Temporary Admission through Senate Resolution 832 last November 8, the Department of Trade and Industry (DTI) Center for International Trade Expositions and Missions (Citem) said on Tuesday.
  • The resolution will help Filipino exporters showcase their products internationally since the treaty obligates contracting countries to provide temporary admission of goods with total conditional relief from import duties and taxes.
  • com, the ATA Carnet merchandise passport will reduce the costs of exporting goods since it eliminates value-added taxes, duties and the posting of security normally required at the time of importation in the country destination.
  • It also simplifies customs procedures since it allows a temporary exporter to use a single document for all customs transactions, make arrangements for entry to many countries in advance and do so at a predetermined cost.
  • } The list of countries includes some of the Philippines’ top export destinations, including Germany, the United States, the United Arab Emirates, South Korea, Japan and the United Kingdom.
  • Citem Executive Director Pauline Suaco-Juan said the ratification of the Convention on Temporary Admission will encourage more Philippine exporters to join overseas trade fairs.

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