PH, EU take step closer to forging trade deal
The Philippines and the European Union (EU) have taken another step closer to forging a free trade agreement (FTA) with the successful conclusion of the third round of negotiations amid a period of global trade tensions and geopolitical uncertainties.
In a statement on Monday, the Department of Trade and Industry (DTI) said both parties would resume discussions in the Philippines this October, with both parties aligned in their intent to deepen both trade and investment ties.
“Both sides reaffirmed their commitment to crafting a comprehensive agreement that not only reflects modern trade priorities but also delivers tangible benefits for businesses, consumers, and stakeholders in both the Philippines and the EU,” DTI said.
According to the DTI, trade between the Philippines and the EU totaled $15.5 billion in 2024.
The EU is the country’s fifth-largest trading partner, accounting for 7.7 percent of the country’s total trade.
Philippine exports bound for the EU totaled $8.1 billion, while the country imported $7.5 billion worth of European goods.
The latest round of talks tackled new areas: government procurement, digital trade, energy and raw materials, and trade and sustainable development.
The five-day discussions held in Brussels, Belgium, also covered trade in goods, rules of origin, services and investment, capital movements, payments, transfers and temporary safeguard measures, competition policy, customs and trade facilitation.
They also discussed intellectual property (including geographical indications), mutual administrative assistance, sanitary and phytosanitary measures, state-owned enterprises, sustainable food systems, technical barriers to trade and trade remedies.
“The meaningful progress achieved in the negotiations thus far is a testament to the constructive spirit and commitment of both negotiating teams to finding mutually agreeable provisions. We will continue with this approach and look forward to commencing market access negotiations by the next round,” Trade Undersecretary and lead negotiator Allan Gepty said.
Gepty reiterated the government’s target to conclude the FTA discussion “expeditiously” in light of the evolving global trade landscape.
During the negotiations held last month, the government’s negotiators met with BusinessEurope to exchange their views and interests in the trade accord.
BusinessEurope is a business organization that represents 42 national business federations from 36 countries in the EU, European Economic Area and the EU’s neighborhood.
Back home, the DTI initiated consultations on the FTA before or after each round, while lead negotiators from other government agencies held their respective dialogues.
Considered among the most comprehensive trade agreements pursued by the government to date, the FTA with the EU is deemed an important element of the Philippine trade agenda.
“As one of the country’s top trading partners, the FTA with the EU is expected to establish a more predictable and stable trading environment, further enhancing the benefits under the EU GSP+ (Generalized System of Preferences Plus) scheme,” the DTI said.
