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Negotiations for a free trade agreement between the EU and the Philippines should be concluded by 2027, according to President Ferdinand Marcos, Jr
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The FTA is a crucial step in enhancing the trade partnership between the Philippines and the EU, said Marcos
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The Department of Trade and Industry earlier said the Philippines and the EU were looking to resume formal negotiations in the second semester of 2024
Negotiations for a free trade agreement (FTA) between the European Union and the Philippines should be concluded by 2027, President Ferdinand Marcos, Jr. said this week.
The FTA is expected to boost trade and investments between the country and the EU.
During the 2024 European-Philippines Business Dialogue and European Investors’ Night in Makati City at the start of the week, Executive Secretary Lucas Bersamin delivered the president’s message that said: “We see the FTA as a crucial step in enhancing the trade partnership between the Philippines and the EU.”
The president’s message also said that the country was looking forward to negotiations “being finalized by 2027.”
Expectations include advanced provisions for digital trade and intellectual property rights, Marcos added.
The Department of Trade and Industry earlier said the Philippines and the EU were looking to resume formal negotiations for an FTA in the second semester of this year.
Negotiations actually began in 2015, but were put on hold after the last negotiating round two years later. The suspension of the talks came amid the EU’s concern over the country’s human rights record under the previous administration.
READ: PH, EU to resume FTA talks this year
The EU and the Philippines officially announced the resumption of negotiations for an FTA in March 2024.
With an FTA in place, the country can expect new opportunities, increasing market access for local goods and services while also facilitating the flow of investments, technology and expertise to the mutual benefit of both sides.
The FTA, Marcos said, is more than just an agreement, but is really a symbol of the two sides’ shared vision for a future of collaboration and prosperity.
Moreover, the FTA can increase trade between the two sides to hit six billion euros.
Marcos said the FTA will also help secure the gains earned through the EU’s Generalized Scheme of Preferences Plus (GSP+), which has spurred export growth via preferential tariffs.
The arrangement, however, expires in 2027.
