Tariffs: Minister met with exporting sector associations

The Minister of Economy and Territorial Cohesion Castro Almeida and the Secretary of State4 for the Economy João Rui Ferreira met with the sector associations that represent more than 90% of exports to the United States to discuss the impact of the US customs policy and the agreement with the European Union on tariffs.

At the meetings, also attended by the Presidents of IAPMEI, AICEP, and the Portuguese Development Bank (BPF) and the Director-General of the Directorate-General for the Economy, the testimonials collected from the corporate associations validated the measures taken by the Government to boost the assistance on internationalisation and companies’ capitalisation.

Around 30 associations representing the automotive, electric and electronics, ceramics, marble and granite, cork, pharmaceutical, bioindustry, metal-mechanics, chemicals and plastics, and textile, clothing and shoe sectors were heard.

The confederations representing the sectors will be heard today, to wit the Portuguese Trade and Services Confederation (CCP), the Portuguese Corporate Confederation (CIP), the Portuguese Corporate Association (AIP), and the Portuguese Tourism Confederation (CTP).

Tomorrow, 8 August, the Minister of Economy and Territorial Cohesion and the Minister of Agriculture and Maritime Affairs José Manuel Fernandes meet with the agrifood and wine sectors.

"These meetings are important to hear the main national exporting sectors and assess how they are absorbing the measures designed to respond to the impact of the tariffs on Portuguese products. "From what we heard, it is possible to say that the entrepreneurs validated the Government’s measures to mitigate those effects, claimed the Minister of Economy and Territorial Cohesion.

Castro Almeida assures that all the measures announced are being implemented and recalls that some have been brought forward, such as the schedule of bids for collective internationalisation actions, open on 31 July. "We are helping the companies diversify the markets to which they export!", he stressed.

The Government approved in April the Reforçar - Competitividade, Exportação e Internacionalização Programme [Boost – Competitiveness, Exports, and Internationalisation] with a series of measures to support companies with the aim of mitigating possible negative effects.

Under the BPF InvestEU lines, 14 thousand applications were received to a total sum of 3.2 billion euros, of which 2.5 billion have been approved and 1.6 billion paid out to the companies.

The BPF Invest Export PT for exporting SMEs was also launched, which has 2 600 applications to a total sum of 1.3 billion euros. Of this amount, 600 million have already been approved.

Lastly, under the new PT2030 Incentives Programme, a non-refundable grant line to support internationalisation has already been launched for joint projects, fostering a collaborative approach to external markets.

The next step will be to boost loans on export insurance.

The Government’s focus is to adapt the measures to companies’ concrete needs, particularly exporting companies, whether through operationalising the BPF lines or through AICEP – Agência para o Investimento e Comércio Externo de Portugal, which will play a central role in identifying the companies’ specific needs, collecting market information, and articulating the assistance instruments available on a national and European level.

The Government will closely monitor the developments of the US/European Union agreement, anticipating the problems and adjusting the solutions, always in dialogue with the entrepreneurs and the associations.