PH-EFTA Member States To Strengthen Economic Cooperation

The Philippines and European Free Trade Association (EFTA) member-states, including Switzerland, Norway, Liechtenstein, and Iceland, agreed to economic cooperation as they reviewed the implementation of the Philippines-EFTA free trade agreement (FTA).

The Department of Trade and Industry (DTI) said the Philippines and EFTA member-states had an official assessment of the FTA, implemented in 2018, during the recent inaugural joint committee meeting hosted by EFTA member-states.

The joint committee meeting was co-facilitated by the Swiss State Secretariat for Economic Affairs Minister Karin Buechel and Trade Undersecretary Ceferino Rodolfo.

“Over the five years of implementation, both sides have confirmed that the FTA is working well and has no critical implementation issues to date. The preferential utilization rates for the Philippines and EFTA member states were reported at 31 percent and 30 percent for 2020, respectively,” the DTI said.

The DTI said one highlight of the meeting was the official preview of the PH-EFTA FTA online interactive web tool that would enable exporters to maximize their preferences under the FTA.

“We are privileged to be the EFTA’s first recipient partner of this online web tool to promote the PH-EFTA FTA. This will benefit the Philippines and EFTA business community,” Rodolfo said.

The meeting also opened constructive dialogue on trade and sustainable development that highlighted the Philippine government’s initiatives to implement international labor and environmental conventions for domestic policies on freedom of association, gender equality, sustainable management of forests, and climate change.

“This FTA certainly promotes international trade while contributing to the objective of sustainable development, all the while ensuring that labor rights and environmental protection will not be sacrificed in the name of trade and investments,” Rodolfo said.

The DTI said the reaffirmation of economic cooperation with the PH-EFTA FTA and economic reforms, such as the opening of 100% foreign capital in renewable energy projects, will attract more investments from EFTA to the Philippines, especially in the energy sector.

Source: Philstar