U.S., Philippines ink MOU to stop illegal textiles transshipment
Source: Xinhua Date: 2006-08-25
The United States and the Philippines on Wednesday signed a Memorandum of Understanding (MOU) on Stopping Illegal Transshipment of Textiles and Apparel through the Philippines to the U.S.
U.S. Trade Representative Susan C. Schwab and Philippines Secretary of Trade and Industry Peter Favila inked the MOU here, said Office of the U.S. Trade Representative.
The pact "provides for customs cooperation, identification of the actual textiles and apparel manufacturers and joint verification visits" to offer the U.S. government the information necessary to stop transshipments in the two fields, the office said in a statement released on the sidelines of the 38th ASEAN Economic Ministers (AEM) Meeting and related meetings.
"Today's agreement demonstrates how the U.S. and the Philippines are committed to working together to strengthen our trading relationship," Schwab was quoted as saying by the office.
Conclusion of the MOU represents the latest achievement in ongoing work under the bilateral U.S.-Philippines Trade and Investment Framework Agreement, said the statement.
Before signing the pact, the two officials discussed issues on the bilateral trade agenda, including the enforcement of intellectual property rights, promoting foreign direct investment and reviving the World Trade Organization Doha Round negotiations.
According to the statistics given by the office, the U.S. is the Philippines' number one textile and apparel market, accounting for 80 percent of the latter's textile and apparel exports.
Last year, the Philippines was the 12th biggest textile and apparel suppliers for the U.S., said the office.
