Department of Trade and Industry Secretary Alfredo Pascual and European Commission Executive Vice President and Trade Commissioner Valdis Dombrovskis announce on March 18, 2024 the resumption of the Philippines-European Union Free Trade Agreement negotiations. The announcement marks deeper economic ties and unlocks mutual benefits for the Philippines and the EU.
The European Chamber of Commerce of the Philippines underscored the urgency to conclude the FTA before the end of the Marcos administration in 2028 considering the impending expiration of the EU Generalized Scheme of Preferences Plus in 2027. The proposed FTA aims to provide enhanced market access for goods, services and investments, going beyond the benefits of the EU’s Generalized System of Preferences Plus . By committing to rules and higher standards, the FTA will enhance competitiveness and foster sustainable, inclusive growth and development in the Philippines.
Dombrovskis noted the Philippines’ importance in diversifying the EU’s sources of critical minerals, adding this perspective to the FTA discussions alongside the need for specific agricultural and fisheries products.