PH Eager to Work on EU FTA Negotiations

The Department of Trade and Industry (DTI) has expressed its willingness and intent to work together with the European Union (EU) towards the resumption of negotiations for a Free Trade Agreement (FTA).

The DTI has released a statement saying that Secretary Alfredo Pascual had delivered a strong message of commitment to the EU-Philippine trade and investment partnership before the EU Parliament Committee on International Trade last October 27.

According to the DTI, Secretary Pascual presented in the European Parliament in Brussels in the last month of the monitoring process for the renewal of the GSP+ preferential status of the Philippines.

“Manifesting willingness to work closely with the EU, Secretary Pascual highlighted EU-GSP+ support in improving bilateral relations and socio-economic development in the Philippines, as well as policies and programs of the new administration that reaffirms the country’s compliance with international conventions,”

The Generalized Scheme of Preferences Plus or more commonly known as the GSP+ is an initiative of the European Union that would grant zero tariffs on 6,274 Philippine products or 66% of all tariff lines in the EU. This preferential trade comes with the country’s commitment to international conventions centering on the environment, good governance, labor, and human rights.

“The Philippines is an attractive investment destination given its solid macroeconomic fundamentals, enabling policy environment, and young and trainable workforce. With a stable and predictable political regime, our country is well-positioned in the Indo-Pacific to become a regional hub for manufacturing, innovation, training, and education,” stated Secretary Pascual.

Source: Philstar