Two in five businesses in Asia-Pacific, including the Philippines, are not ready for new European Union duty regulations taking effect this July, according to a survey by logistics giant FedEx Corp. In a report by Philstar Biz, the company warned that affected firms may face additional costs and compliance challenges under the updated rules.
The upcoming EU customs changes require importers to provide more detailed product data, including origin and value declarations, and may involve stricter enforcement of duties. FedEx highlighted that many Asia-Pacific companies lack the necessary systems or expertise to adapt quickly, potentially disrupting supply chains and increasing trade friction.
For Philippine exporters, the rules could mean higher operational costs and delayed shipments if compliance measures are not in place. FedEx urged businesses to invest in trade automation and consult customs brokers to mitigate risks. The survey underscores a broader need for regional firms to modernize their export processes to maintain access to the EU market.