News

Round 2 of EU-PH FTA talks set next month

17 tháng 01. 2025

The second round of negotiations for a free trade agreement (FTA) between the European Union (EU) and the Philippines is set to take place here next month.

This was shared by EU Ambassador to the Philippines Massimo Santoro at the 9th Joint Economic Briefing in Makati City Thursday.

Santoro is optimistic of the next discussions, taking off from a "very positive momentum" since the relaunching of the EU-PH FTA talks in Brussels in October 2024.

"These discussions started with a very positive momentum, and I'm confident that this positive, very positive momentum will be kept in order for us, for both sides, the EU and the Philippines, to deliver well and to deliver fast," the envoy said.

He added that the bilateral exchanges of the parties are not at the level of the Philippines and EU's mutual ambitions.

Santoro said although the EU is the Philippines' fourth largest economic partner, the country only ranked sixth in Southeast Asia in terms of the size of bilateral trade with the economic bloc.

"We can do more considering the potential and the size of the Philippine market and the resources of the country. Thus, the objective of our free trade agreement is to bring our bilateral economic ties to a new, higher level," he said.

The envoy added that the FTA would not only boost the trade in goods between the EU and the Philippines but it also facilitate higher trade in services and investments, catalyzing the country's economic growth.

Santoro said the Philippines' current economic landscape is attractive to foreign investors, with gross domestic product (GDP) continuing to expand despite uncertainties in the global market.

The World Bank also projected the Philippines’ GDP to grow 6.1 percent this year driven by domestic consumption and investments.

The factors that will support the further expansion of the economy include the easing of inflation, lower interest rates and liberalization of certain industries.

“What we, Europeans, will continue to follow with interest in the Philippines from a trade and investment perspective are the geopolitical situation in the region, the ease of doing business environment, and the investment conditions more specifically. The regulatory initiatives of the government are of great relevance, as well as their implementation and what European businesses experience on the ground,” Santoro said.

On March 18 last year, the Philippines and the EU announced the resumption of negotiations for an FTA after a seven-year hiatus.

Source: Philippine News Agency
 

Share: