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The Philippines is dashing up negotiations for the long-awaited free commerce settlement with the European Union (EU), with each side planning to have it lastly accomplished in lower than three years.
Following the conclusion of the newest spherical of negotiations final week, Trade Undersecretary Allan Gepty informed the Inquirer that they’re working to have the bilateral pact completed earlier than 2027.
“We see this FTA as a stable platform to strengthen the economic relations of the Philippines with the EU. This is especially true since the EU is one of the major trade and investment partners of the Philippines and there is still a lot of unrealized potential in the two economies,” Gepty stated in a Viber message.
READ: PH-EU free commerce deal to handle $8.3-B untapped export alternatives
“Thus, we are working hard to fast track the negotiations and hopefully conclude the same before 2027,” he added.
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In the final spherical of negotiations final Feb 10 to 14, Gepty stated they mentioned new and essential components underneath the proposed FTA.
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These embody digital commerce, power and uncooked supplies, good regulatory practices, authorities procurement, state-owned enterprises, sustainable meals techniques, micro, small and medium enterprises, and commerce and sustainable improvement.
“For our stakeholders, the EU is also an important market and we want to maintain our competitive advantage especially for key Philippines products such as tuna, coconut, cacao, pineapples, semiconductors, and electronics,” Gepty stated.
“We also want to create opportunities for our investors, service providers, and professionals in a business environment that promotes good governance and sustainable development,” he stated additional.
The subsequent spherical of negotiations has been scheduled in June in Brussels, added the commerce official.
Philippine and EU officers introduced the resumption of the formal negotiations for the deliberate FTA in March final yr in Belgium.
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European Commission Executive Vice President Valdis Dombrovskis stated again then that commerce in items between the Philippines and the European Union was value over €18.4 billion (P1.2 trillion if €1 = P60.6) in 2022, a quantity which might be boosted by a further €6 billion (P363.8 billion if €1 = P60.6) yearly via an FTA.