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Manila Bulletin devider Philippines devider National devider PH, EU to start 'scoping process' for FTA

PH, EU to start 'scoping process' for FTA

Published Jul 31, 2023 11:11 am
The Philippines and the European Union (EU) are expected to soon start the "scoping process" of the extent of their free trade agreement (FTA) as the two sides agreed on Monday to resume negotiations on the said deal. According to EU, Manila and the 27-member regional bloc "will shortly kick off" the process bilaterally "to assess to which extent they share a mutual understanding on the future FTA." "If this process concludes successfully, and after consultations with the Member States, the EU and the Philippines would be in a position to resume FTA negotiations," it said in a statement. Earlier this year, EU already resumed its FTA talks with Thailand. It said that the recent development with the Philippines "confirms the key importance of the Indo-Pacific region for the EU trade agenda," which would pave the way for deeper trade ties with another vibrant economy in Southeast Asia. "The EU aims for a comprehensive FTA with the Philippines that includes ambitious market access commitments, swift and effective sanitary and phyto-sanitary procedures, as well as the protection of intellectual property rights, including Geographical Indications," it said. "Sustainability will also be at the heart of this agreement, with robust and enforceable disciplines on Trade and Sustainable Development (TSD). These will be in line with the Commission's TSD review Communication of June 2022, supporting high levels of protection for workers' rights, for the environment, and the achievement of ambitious climate goals," it added. In the past, the Philippines and EU already have established trade relations, as proven by the following: • "Trade in goods was worth over 18.4 billion euros in 2022, while trade in services was worth 4.7 billion euros in 2021; • The EU is Philippines' 4th largest trade partner;• The Philippines, the 5th largest economy in the ASEAN region, is the EU's 7th most important trading partner in the region (and 41st worldwide); • The EU is one of the largest investors in the Philippines, with the EU's foreign direct investment stock in the Philippines reaching 13.7 billion euros in 2021."

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Bongbong Marcos FTA European Union Ursula von der Leyen
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