Philippines Expresses Willingness to Work on FTA Negotiations with EU

The Philippines has expressed interest and willingness to work toward the resumption of negotiations for a Free Trade Agreement (FTA) with the European Union (EU), according to the Department of Trade and Industry (DTI).  In a statement, the DTI said Trade Secretary Alfredo Pascual delivered a strong message of commitment to the EU-Philippine partnership in trade and investment before the EU Parliament Committee on International Trade on October 27 in Brussels.

“Manifesting willingness to work closely with the EU, Secretary Pascual highlighted EU-GSP+ support in improving bilateral relations and socio-economic development in the Philippines, as well as policies and programs of the new administration that reaffirms the country’s compliance with international conventions,” DTI said.

The DTI pointed out that since the Philippines’ successful application to the GSP in 2014, the country has benefited from increased market access to the EU.  It cited data showing that Philippine exports to the EU climbed from €5.3 billion in 2014, under the standard GSP, to €7.27 billion in 2021.  DTI also emphasized that the GSP+ has also benefited EU companies as they invest in manufacturing facilities in the Philippines to take advantage of the country’s extensive and expanding domestic market, as well as network of FTAs, which includes those with ASEAN.