MANILA - Philippine exporters should sell to Russia and take advantage of lower duties under the Eurasian Economic Union Generalized System of Preferences or EAEU GSP, the Department of Trade and Industry said on Monday.
“One of our strategies in expanding exports is to venture into non-traditional partners like Russia. Thus, we encourage exporters to maximize the benefits from the EAEU GSP,” said DTI Export Marketing Bureau director Senen Perlada.
Besides Russia, the Eurasian Economic Union includes Armenia, Belarus, Kazakhstan and Kyrgyzstan.
"Products covered by the EAEU GSP are eligible for a 25-percent discount on customs duties. These include food, furniture, and industrial goods," DTI said.
Last year, Russia was the Philippines' 21st trading partner, 32nd export market, and 18th largest import supplier, the DTI said.
Exports to Russia increased by 18.8 percent to $102.3 million in 2019, from $86 million in 2018.
Since assuming power, President Rodrigo Duterte has sought to foster closer ties with Russia, and has even called Russian President Vladimir Putin his "favorite hero."