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A FREE trade agreement (FTA) between the Philippines and the European Union Free Trade Agreement is on track for completion next year with significant progress made during a second round of talks in Manila, the Department of Trade and Industry said on Wednesday.
“Both sides engaged in productive discussions, reaffirming their commitment to achieving concrete economic benefits from the agreement,” the DTI’s Bureau of International Trade Relations said in a statement.
Details of the talks’ outcome were not disclosed, with the DTI only saying that following the Feb. 10 to 14 discussions, Philippine and EU officials will be holding virtual meetings over the next few months to maintain the pace of negotiations.
“This FTA is expected to enhance market access for goods, services, and investments, while also addressing emerging trade areas such as critical raw materials, climate change, environmental sustainability, labor, and good governance,” the DTI said.
“Both parties are working diligently to fast-track negotiations, aiming for a comprehensive agreement that goes beyond the benefits of the Generalized Scheme of Preferences Plus,” it added.
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The second round of discussions followed initial negotiations last October in Brussels, Belgium.
Talks regarding the FTA were put on hold in 2017 after the EU raised concerns over alleged rights abuses by the government of then-president Rodrigo Duterte. With a new administration in place, both sides on March 18, 2024, announced a renewed intention to pursue a trade deal.
EU Ambassador Massimo Santoro said last month that bilateral relations between the EU and the Philippines were good, “but not yet at the right level.”
He added that they would continue to closely monitor key aspects of the Philippines from a trade and investment perspective including geopolitical landscape, ease of doing business and overall investment conditions.
Trade Undersecretary and lead negotiator Allan Gepty, meanwhile, has said there are still many potentials to be explored, not only in terms of market access for goods but also in other areas like innovation, digital trade and energy.
The EU currently accounts for 11 percent of Philippine exports and six percent of its imports. In terms of investments, the EU is one of the largest sources with net foreign direct investments amounting to $63.99 million and approved investments of $13.41 billion in 2023.
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