Manila Bulletin
Philippines
National
Gatchalian backs renewal of PH participation in EU's GSP Plus
Philippines
National
Gatchalian backs renewal of PH participation in EU's GSP Plus
Gatchalian backs renewal of PH participation in EU's GSP Plus
Published Jul 16, 2023 03:31 am
Senator Sherwin Gatchalian on Sunday, July 16, expressed his support to the proposed renewal of the Philippines’ participation in the Generalized Scheme of Preferences Plus (GSP+).
Sen. Sherwin Gatchalian (Senate PRIB Photo)
Gatchalian said continuing the Philippine’s participation in the European Union’s GSP Plus will boost the competitiveness of the country’s exports and increase investment prospects. “We are elated to find out that the European Commission has proposed to renew the country’s participation in the GSP+ scheme as this would surely provide a wider market for our exports and consequently greater employment opportunities for our people,” said Gatchalian, in a statement. “I am hopeful that the members of the EU Parliament were able to appreciate our discussions and initiatives towards building strong partnership between the Philippines and the EU and will vote favorably for the European Commission’s proposed renewal of the grant of EU GSP+ privileges to the Philippines,” Gatchalian said. Gatchalian is part of the Philippine Congressional Delegation who visited the European Parliament in October 2022 to discuss with their counterparts the status of the GSP+, among other things. Sen. Juan Edgardo “Sonny” Angara, chairman of the Senate Committee on Finance, led the delegation. Under the proposal, the Philippine’s participation in the GSP+ scheme will be stretched for another four years or until December 2027, as soon as it expires by the end of this year. A special incentive arrangement for low and lower-middle-income countries, the GSP+ is a unilateral trade arrangement offering zero tariffs on 6,274 products or 66 percent of all EU tariff lines. Gatchalian noted that the country’s export revenues grew to EUR 7.7-billion in 2021 from EUR 5.7-billion in 2014, following its initial participation in 2014. PH exports to the 27 European Union countries (EU27) also increased from US$ 6.4-billion in 2020 to US$ 8.6-billion in 2021, attributing to the surge in the exports of crude coconut oil, skipjack tuna, semiconductor devices, and digital monolithic integrated circuits, among other products. The senator also said he is confident the renewal of the Philippines’ participation in the GSP+ scheme would further improve the country’s investment relations with EU member economies. The EU27 was the country’s fifth largest trading partner, sixth biggest export market, and the sixth biggest import source in 2021.
Sen. Sherwin Gatchalian (Senate PRIB Photo)
Gatchalian said continuing the Philippine’s participation in the European Union’s GSP Plus will boost the competitiveness of the country’s exports and increase investment prospects. “We are elated to find out that the European Commission has proposed to renew the country’s participation in the GSP+ scheme as this would surely provide a wider market for our exports and consequently greater employment opportunities for our people,” said Gatchalian, in a statement. “I am hopeful that the members of the EU Parliament were able to appreciate our discussions and initiatives towards building strong partnership between the Philippines and the EU and will vote favorably for the European Commission’s proposed renewal of the grant of EU GSP+ privileges to the Philippines,” Gatchalian said. Gatchalian is part of the Philippine Congressional Delegation who visited the European Parliament in October 2022 to discuss with their counterparts the status of the GSP+, among other things. Sen. Juan Edgardo “Sonny” Angara, chairman of the Senate Committee on Finance, led the delegation. Under the proposal, the Philippine’s participation in the GSP+ scheme will be stretched for another four years or until December 2027, as soon as it expires by the end of this year. A special incentive arrangement for low and lower-middle-income countries, the GSP+ is a unilateral trade arrangement offering zero tariffs on 6,274 products or 66 percent of all EU tariff lines. Gatchalian noted that the country’s export revenues grew to EUR 7.7-billion in 2021 from EUR 5.7-billion in 2014, following its initial participation in 2014. PH exports to the 27 European Union countries (EU27) also increased from US$ 6.4-billion in 2020 to US$ 8.6-billion in 2021, attributing to the surge in the exports of crude coconut oil, skipjack tuna, semiconductor devices, and digital monolithic integrated circuits, among other products. The senator also said he is confident the renewal of the Philippines’ participation in the GSP+ scheme would further improve the country’s investment relations with EU member economies. The EU27 was the country’s fifth largest trading partner, sixth biggest export market, and the sixth biggest import source in 2021.