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Manila Bulletin devider Business devider Trade & Industry devider EU-PH FTA to benefit agri, garments -- business chambers

EU-PH FTA to benefit agri, garments -- business chambers

Published Mar 19, 2024 07:18 am

The European and German business chambers in the Philippines lauded the official resumption of negotiations for the European Union (EU) and Philippines’ free trade agreement (FTA) saying the trade deal could unlock a wide range of benefits, including increased market access for Philippine agriculture products, garments, critical raw materials, digital trade, and energy.

The renewed talks were formally announced by Philippine Trade and Industry (DTI) Secretary Alfredo Pascual and European Commission Executive Vice President and Trade Commissioner Valdis Dombrovskis during a press briefing Monday evening, March 18 (Philippine time), in Brussels, Belgium. 

The European Chamber of Commerce of the Philippines (ECCP), who had been actively supporting the FTA through facilitating dialogues with the business sector and policymakers, joined the related engagements on the FTA negotiations on March 18. 

“For the Philippines, the FTA offers a wide range of benefits including increased market access for highly protected sectors such as agriculture and garments. Critical raw materials, digital trade, and energy sectors are also among those expected to benefit from the FTA,” it said in a statement on March 19. 

The  Chamber also stressed that it hopes to conclude the FTA before the end of the Marcos administration in 2028, given that the EU Generalized Scheme of Preferences Plus (GSP+) currently enjoyed by the Philippines will expire in 2027. 

As stated by EC Commissioner Dombrovskis in the briefing, the FTA is expected to grow trade by up to six billion euros.

Aside from bolstering trade and investments, the ECCP remarked that the conclusion of the FTA will enable the improvement of economic policies on e-commerce, digital transformation, intellectual property, and procurement.; and accelerate innovation and technology. 

“As negotiations progress, the ECCP remains committed to facilitating constructive dialogue and advocating for the interests of its members and the broader business community. The Chamber will continue to champion increased, sustainable trade and highlight the Philippines in the investment map,” it added. 

Meanwhile, the German-Philippine Chamber of Commerce and Industry Inc. (GPCCI) aims to utilize the FTA as a way to enhance the interests of German businesses in the Philippines, and integrate the insights from the German-Philippine business community. 

“We are encouraged by the recent developments surrounding the resumption of the EU-PH Free Trade Agreement (FTA), particularly highlighted by President Marcos's remarkably successful visit to Germany last week—a visit that included a business forum we had the honor of co-organizing,“ said GPCCI President Stefan Schmitz in a statement.

GPCCI remarked that it continues to be optimistic about the trade relations of the EU and the Philippines, and fostering a conducive business environment for Germany and the country. 

 

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