PH, EU fast-track FTA talks; completion eyed before 2027
The Philippines is speeding up negotiations for the long-awaited free trade agreement with the European Union (EU), with both sides planning to have it finally completed in less than three years.
Following the conclusion of the latest round of negotiations last week, Trade Undersecretary Allan Gepty told the Inquirer that they are working to have the bilateral pact finished before 2027.
“We see this FTA as a stable platform to strengthen the economic relations of the Philippines with the EU. This is especially true since the EU is one of the major trade and investment partners of the Philippines and there is still a lot of unrealized potential in the two economies,” Gepty said in a Viber message.
“Thus, we are working hard to fast track the negotiations and hopefully conclude the same before 2027,” he added.
In the last round of negotiations last Feb 10 to 14, Gepty said they discussed new and important elements under the proposed FTA.
These include digital trade, energy and raw materials, good regulatory practices, government procurement, state-owned enterprises, sustainable food systems, micro, small and medium enterprises, and trade and sustainable development.
“For our stakeholders, the EU is also an important market and we want to maintain our competitive advantage especially for key Philippines products such as tuna, coconut, cacao, pineapples, semiconductors, and electronics,” Gepty said.
“We also want to create opportunities for our investors, service providers, and professionals in a business environment that promotes good governance and sustainable development,” he said further.
The next round of negotiations has been scheduled in June in Brussels, added the trade official.
Philippine and EU officials announced the resumption of the formal negotiations for the planned FTA in March last year in Belgium.
European Commission Executive Vice President Valdis Dombrovskis said back then that trade in goods between the Philippines and the European Union was worth over €18.4 billion (P1.2 trillion if €1 = P60.6) in 2022, a number which can be boosted by an additional €6 billion (P363.8 billion if €1 = P60.6) annually through an FTA.
