Marcos To Hold Roundtable Discussions With EU Firms

President Ferdinand E. Marcos Jr. is expected to hold roundtable and business meetings with European companies with a major presence or business plans in the Philippines during his visit to Brussels next week.

“The Department of Trade and Industry (DTI) has organized a business program for the President on the sidelines of his participation in the ASEAN-EU Summit in Brussels next week,” said DTI SEcretary Alfredo E. Pascual.

The president may also discuss other issues with EU officials such as the EU Generalized System of Preferences+ (GSP) and free trade agreement (FTA) talks with the EU.

Pascual mentioned the Philippines remains open to working closely with the EU to comply with its international commitment to human rights, labor, good governance, and environment to maintain the country’s status under the EU-GSP+.

“This preferential scheme has greatly benefited local stakeholders, as well as foreign investors, access to the EU market while promoting socio-economic development in the country,” Pascual said.

With the expiration of the current EU-GSP+ scheme in December 2023, the Philippines remains interested to apply under the new EU-GSP+ scheme to sustain its progress and comparative advantage in the region.

Moreover, the Philippines is ready to resume negotiations on the PH-EU FTA to stabilize the platform for PH-EU economic relations and its stakeholders.

The DTI explained that the FTA will optimize the benefits of the large market in the EU and tap into the existing FTA network by an increase in investments in the manufacturing sector and access to a bigger market.

This is also a big opportunity for EU businesses to expand in the Philippines and gain access to the huge domestic market, as well as, use the Philippines as a base for manufacturing.

On the regional front, the EU has always been an important trade and investment partner to ASEAN. The ASEAN-EU FTA remains an important objective but the Philippines is also determined to work with the EU for economic cooperation initiatives and other key areas of interest.

Source: Manila Bulletin