EFTA to Benefit Philippine Agriculture, IndustriesThursday, March 15, 2018
The Philippine-European Free Trade Association Free Trade Agreement (FTA) will benefit the country especially in exporting agricultural, industrial and fishery products. Department of Trade and Industry Secretary Ramon Lopez said once the FTA is in place, EFTA will grant duty-free market access to all industrial products from the Philippines.
The agreement will allow duty-free market access between the Philippines and the EFTA members states (Iceland, Liechtenstein, Norway, and Switzerland) to trade products and services and facilitate investments. The FTA benefits the Philippines especially in exporting agricultural products. The Philippines will also gain tax incentives on agricultural products, particularly those that are currently being exported to the EFTA member states such as desiccated coconut.