Showing posts from February, 2010

Davao business sector confident to benefit from foreign trade agreements

Davao business sector is confident to benefit from the full implementation of the ASEAN-China Free Trade Area (ACFTA) which effected January 1st of 2010.

Former Davao City Chamber of Commerce and Industry, Inc. (DCCCII) president Simeon Marfori said Dabawenyos, and even the whole country, can expect to feel birth pains from the agreement in the long term.

Marfori said it took the Association of Southeast Asian Nations (ASEAN) almost a decade to implement the world’s third largest regional agreement that is expected to cover almost two billion people from the areas covered by member countries of the ACFTA including China and the six founding ASEAN members--Brunei, Indonesia, Malaysia, Philippines, Singapore and Thailand.

The two other agreements being that of the European Union (EU) and the North American Free Trade Agreement (NAFTA).

“Free trade will always be initially painful since it will make things a bit different from what we have become accustomed to economy-wise, as we will be com…