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Manila Bulletin devider Business devider PBBM to hold roundtable with select EU firms

PBBM to hold roundtable with select EU firms

Published Dec 8, 2022 04:27 pm

President Ferdinand E. Marcos Jr. is expected to hold roundtable and business meetings with select European companies with major presence or have plans to do business in the Philippines during his visit to Brussels.

The president will participate in the ASEAN-EU Summit in Brussels next week where he is also expected to hold meetings with the EU firms during the visit.

“The Department of Trade and Industry (DTI) has organized a business program for the President on the sidelines of his participation in the ASEAN-EU Summit in Brussels next week,” said DTI Secretary Alfredo E. Pascual.

Other issues the president may tackle with EU officials would include the EU Generalized System of Preferences+ (GSP)and free trade agreement (FTA) talks with the EU.

Pascual said that the Philippines will comply with its international commitment on human rights, labor, good governance and environment in order to maintain the country’s status under the EU-GSP+.

“This preferential scheme has greatly benefited local stakeholders as well as foreign investors access the EU market while promoting socio-economic development in the country,” Pascual said.

The Philippines also remains open to work closely with the EU in ensuring compliance with the said commitments.

With the expiration of the current EU GSP+ scheme in December 2023, the Philippines remains interested to apply under the new EU GSP+ scheme to sustain the progress and comparative advantage of the Philippines in the region.

In parallel, the Philippines also stands ready to resume the PH-EU FTA negotiations to provide a more stable and predictable business environment for PH and EU stakehokders. The Philippines-EU FTA will be the stable platform to fuel PH-EU economic relations.

The DTI explained that the FTA will optimize the benefits of the large market in the EU and can take advantage of PH existing FTA network by increasing its investments in the manufacturing sector and accessing the big market in the region.

The Philippine delegation would impress upon EU businesses of the big opportunity for EU businesses to expand in the Philippines – not just to access the country’s huge domestic market – but equally important, to use the Philippines as a base for manufacturing.

On the regional front, the EU has always been an important trade and investment partner to ASEAN. Thus, while an ASEAN-EU FTA remains an important objective, economic cooperation initiatives and key areas of interest can still be pursued.

“The Philippines is able and willing to work with the EU on this agenda,” the statement concluded.

Related Tags

president ferdinand marcos jr. EU-PH FTA brussels EU-ASEAN SUMMIT EU-GSP+
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