22-5-2023 (Manila) Philippine Trade Secretary Alfredo Pascual announced on Monday that the Philippines is actively pursuing the restart of free trade negotiations with the European Union (EU). During a meeting with members of the EU-ASEAN Business Council (EU-ABC), Pascual expressed his country’s intention to return to the negotiating table to discuss the Philippines-EU Free Trade Agreement (FTA).
Pascual emphasized that entering into an FTA with the EU would bring numerous benefits to the Philippines. It would enable the country to secure additional access to duty-free markets, while also providing a favorable framework to attract more substantial investments from European nations.
Furthermore, Pascual highlighted the government’s dedication to facilitating international partnerships and collaborations. He mentioned the recently-ratified Regional Comprehensive Economic Partnership (RCEP) agreement, which aims to promote foreign direct investment inflows and encourage economic growth through enhanced trade relations.
“Our growth strategy revolves around enhancing trade and investment. We aim to create jobs and reduce poverty by strengthening the global standing of our export sectors and attracting investments in strategic areas,” stated Pascual.
The EU-ABC, representing the voice of European businesses in the Association of Southeast Asian Nations (ASEAN) region, consists of nine European Chambers of Commerce in Southeast Asia and major European multinational corporations across various sectors, including manufacturing, services, healthcare, and logistics.
