Trade and Industry Secretary Alfredo E. Pascual has appealed to the visiting EU Parliamentarians for support to the country’s continued availment of the trade preferences under the EU-GSP Plus scheme.
Pascual met with the representatives from the European Parliament Subcommittee on Human Rights on Wednesday, Feb. 22 where he emphasized the importance of the EU GSP+ to further strengthen the ongoing trade agreements between the EU and the Philippines.
Representatives from the European parliament include Isabel Wiseler-Lima from the Group of the European People's Party, Karsten Lucke from the Group of the Progressive Alliance of Socialists & Democrats, Hannah Neumann from The Greens and the European Free Alliance, Ryszard Czarnecki from the European Conservatives and Reformists Group, and Miguel Urban Crespo from The Left.
The meeting is part of the Department's continued efforts to demonstrate the Philippines' interests to pursue deeper PH-EU trade dialogues.
The GSP+ is set to expire at the end of 2023. The European Commission proposed a revised scheme in September 2021 to better meet the needs of participating countries.
GSP+ allows the Philippines to enjoy zero tariffs on 6,274 products or 66% of all EU tariff lines. Some of the top Philippine GSP+ exports to the EU are crude coconut oil, vacuum cleaners, prepared or preserved tuna, hairdressing equipment, and prepared or preserved pineapple.
During the meeting, Pascual underscored the importance of the GSP+ to PH-EU economic relations. The DTI chief noted that 26 percent of Philippine exports depend the EU-GSP+.
“This preferential scheme benefited not just local industries but even foreign investors doing business in the country. He also conveyed how this preferential scheme transformed lives and communities in the Philippines consistent with our efforts to promote socio-economic development,” he said.
“Given this, the Philippines conveyed the need to further strengthen PH-EU economic relations through a stable and predictable platform. Thus, we urge them to support the resumption of the PH EU FTA negotiation,” he said.
Pascual further highlighted that the EU is one of the major trading partners of the Philippines as well as a major source of foreign direct investments.
In addition, Pascual updated the EU Parliamentarians on the recent economic developments in the country, including the 7.6 percent increase in GDP growth, sustained Manufacturing Purchasing Managers’ Index, Senate concurrence on the RCEP ratification, and the recent economic reforms and investment liberalization efforts undertaken by the country, particularly the passage of amendments to the Public Service Act and Retail Trade Liberalization Act, and the opening of RE projects to 100 percent foreign equity.
Also present during the meeting were DTI Assistant Secretary Allan B. Gepty, Trade Service Officer Vyke Roaring, and DTI Bureau of International Trade Relations Director Angelo Salvador M. Benedictos.