PH-EU free trade talks to resume in February
Negotiations for the planned free trade agreement (FTA) between the Philippines and the European Union (EU) are set to resume in Manila by the middle of next month, with expectations of increasing two-way trade by as much as 6 billion euros or about P363.8 billion.
Massimo Santoro, the EU’s ambassador to the Philippines, said this during a joint economic briefing organized by various foreign business groups and held in Makati City.
These include the British Chamber of Commerce of the Philippines, Belgian-Filipino Business Chamber, French Chamber of Commerce and Industry in the Philippines, Dutch Chamber of Commerce in the Philippines, European Chamber of Commerce of the Philippines, German Chamber of Commerce and Industry and Nordic Chamber of Commerce of the Philippines.
“These discussions started with a very positive momentum and I’m confident that this positive, very positive momentum will be kept in order for us, for both sides, the EU and the Philippines, to deliver well and to deliver fast,” Santoro said.
The diplomat added that the level of trade between the Philippines and the EU is not yet at the “right level.”
Further, Santoro said that their regional bloc is the fourth largest trading partner of the Philippines, with a share of 11 percent of the Philippine exports and 6 percent of imports.
Meanwhile, the Philippines only ranks sixth among the economic partners of the EU in the 10-member Association of Southeast Asian Nations.
“Through the FTA, we aim at facilitating not only merchandise trade, but also trade in services, and to create more incentives for investment,” Santoro said.
“We believe that the free trade agreement can serve as a catalyst for economic growth, benefiting businesses, workers and consumers on both sides,” he added.
Philippine and EU officials announced the resumption of the formal negotiations for this planned FTA in March last year in Belgium.
Valdis Dombrovskis, executive vice president of the European Commission, said back then that trade in goods between the Philippines and the EU was worth over 18.4 billion euros (P1.2 trillion) in 2022, which may be boosted by an additional 6 billion euros (P363.8 billion) yearly with an FTA.
Focus on the future