European Union (EU) Ambassador to the Philippines Luc Veron has expressed optimism that the “scoping exercise” for the resumption of negotiations for a free trade agreement (FTA) with the Philippines will bring the relationship to the “next level.”
The EU) and the Philippines jointly announced the start of a scoping exercise towards the resumption of FTA negotiations,” Veron posted on X (formerly Twitter) on Tuesday, August 15.
“With this launch, the (EU) is paving the way to take its partnership with (Philippines) to the next level,” the envoy added.
Veron reposted the previous statement made by the European Commission (EC).
According to the post, EC President Ursula von der Leyen’s recent visit to the Philippines and meeting with President Ferdinand Marcos Jr. paved the way for the planned scoping process.
“The announcement confirms the key importance of the Indo-Pacific region for the EU trade agenda,” the EC said.
This was after the Philippines and the EC announced late July that they will soon launch the scoping process.
The EC said the process will “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,” the commission said, in a statement.
The EC, which shapes the European Union’s overall strategy, is aiming for “an ambitious, modern, and balanced free trade agreement.”
Underscoring the Philippines’ role as a “key partner” for EU in the Indo-Pacific region, Von der Leyen expressed hope for the “full potential” of the relationship.
“Together, we will realize the full potential of our relationship, creating new opportunities for our companies and consumers while also supporting the green transition and fostering a just economy,” EC’s statement quoted Von der Leyen as saying.
“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 added.
The EU also said that sustainability will also be at the core of the agreement, with both sides expected to commit to the ideas of Trade and Sustainable Development (TSD), which comprises “high levels of protection for workers’ rights, for the environment, and the achievement of ambitious climate goals.”
The EU and the Philippines enjoy “well-established trade relations, with clear potential for an even closer relationship” because the EU is the Philippines’s 4th largest trade partner and the Philippines is EU’s 7th most important trading partner in the Southeast Asian region (and 41st worldwide), according to the EU statement.
The EU is also 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. Rey E. Requejo