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Manila Bulletin devider Philippines devider National devider Philippines welcomes resumption of free trade talks with European Union

Philippines welcomes resumption of free trade talks with European Union

Published Mar 21, 2024 04:37 am

The Philippines government expressed appreciation for the European Union (EU)’s move to resume their talks on a free-trade agreement—a pact with the regional bloc that would open new opportunities for business and consumers in the country.

The Department of Foreign Affairs (DFA) said Thursday, March 21, that it appreciates the continued engagement of the European Commission, EU’s administrative body, on the formal negotiations for the FTA that came after the stock-taking exercises conducted by both sides from September to December 2023.

“We look forward to further coordination and dialogue with the EU in pursuit of a comprehensive, balanced and modern FTA,” the Philippines said.

The Philippines and EU first announced on March 18 the resumption of talks for such an agreement, which will now be followed by both sides’ technical preparations for the first round of the resumed negotiations that is expected to take place in 2024.

EU, in a statement on Wednesday, March 20, said it is aiming for a comprehensive FTA with the Philippines that includes the following:

  • ambitious market access for goods, services, investment and government procurement;
  • the removal of obstacles to digital trade and trade in energy and raw materials, thereby supporting the digital and green transitions;
  • swift and effective sanitary and phyto-sanitary (SPS) procedures; sustainable food systems (SFS); and
  • the protection of intellectual property rights including Geographical Indications (GIs) and robust and enforceable disciplines on trade and sustainable development (TSD) – in line with the Commission's TSD review Communication of June 2022, supporting high levels of protection for workers' rights, the environment, and the achievement of ambitious climate goals.

Currently, both sides already have well-established trade relations, with clear potential for an even closer relationship, considering that:

  • 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 the 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 Philippines is among the fastest growing emerging economies in the world, projected to see the 2nd highest economic growth in ASEAN with 5.9 percent GDP growth in 2024;
  • 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.

 

“In addition to being a significant and growing economy, the Philippines also has major reserves of critical raw materials, including nickel, copper and chromite, which are vital for the manufacture of green technologies,” it said.

“Combined with the Philippines' renewed efforts to harvest its renewable energy potential and recent liberalization for foreign investors in the sector, the Philippines is an important partner in the green transition,” it added.

Related Tags

free trade agreement European Union (EU) Department of Foreign Affairs
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