The Philippines is pushing for the resumption of the stalled negotiation for a Free Trade Agreement (FTA) with the European Union.
“We are pleased to note that the EU is also a leader on this front, and we would also welcome closer engagement with the EU in this area, possibly through the resumption of the Philippines-EU Free Trade Agreement (FTA) negotiations,” said Department of Trade and Industry Secretary Ramon Lopez on the second day of the 3-day Pilipinas Conference 2021 organized by Stratbase ADR Institute.
He stressed the current economic priorities of the Philippines towards establishing the country as a hub for manufacturing, innovation, research and development and a center for training and education is compelling enough for the EU to strengthen ties with the Philippines through an FTA.
“Notwithstanding discussions for a possible FTA, a core feature of our relations with the EU is the EU Generalized Scheme of Preferences (GSP+). Since the successful application of the Philippines to the GSP+ in 2014, the Philippines has enjoyed greater market access to the EU that led to a significant increase in exports,” Lopez said.