In a move towards strengthening economic ties, the Philippines is gearing up to resume free trade talks with the European Union (EU) by October, aiming to address key issues such as environmental protection measures and regulations on garment exports.
According to Trade Undersecretary Allan Gepty, initial meetings at the chief negotiator's level are scheduled for June, paving the way for formal negotiations later in the year. Talks were put on hold in 2017 following concerns raised by the EU regarding alleged rights abuses in the Philippines. However, both parties announced the resumption of talks last March, signaling a renewed commitment to dialogue and cooperation.
The Philippines is keen on addressing regulations surrounding garment exports, with a particular emphasis on supporting the establishment of new textile plants domestically to meet the anticipated surge in demand abroad. Additionally, measures related to environmental protection and sustainability will be integral parts of the negotiation agenda, reflecting the growing importance of green initiatives in international trade agreements.
While the Philippines currently benefits from preferential market access to the EU through the Generalized System of Preferences Plus program, the impending expiration of this arrangement in December 2027 underscores the urgency to fast-track FTA negotiations. Gepty highlighted the need to secure a free trade agreement to ensure continued market access and enhance trade relations between the Philippines and the EU.
The proposed FTA holds the potential to unlock new opportunities for Philippine exporters by guaranteeing preferential market access to the EU, thereby diversifying trade channels and boosting economic growth. As negotiations progress, stakeholders will closely monitor developments and anticipate the positive outcomes that a mutually beneficial trade agreement can bring to both parties.
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