October 9, 2024 | 12:00am
MANILA, Philippines — The Philippines and the European Union (EU) are set to resume next week the negotiations for a free trade agreement (FTA), which the Department of Trade and Industry (DTI) wants to conclude by 2027 to ensure continued preferential market access to the bloc.
Trade Undersecretary Allan Gepty said in a Viber message that the next round of talks for the Philippines-EU FTA will be held from Oct.14 to 18 in Brussels, Belgium.
Back in March, former Trade Secretary Alfredo Pascual and EU executive vice-president and commissioner for trade Valdis Dombrovskis announced that FTA talks would resume this year after being put on hold due to the EU’s concerns on the previous administration’s conduct of its war on drugs.
Prior to the pause, two rounds of negotiations were conducted for the FTA, with the first held in 2016 and second in 2017.
“Our target is to finish it by 2027,” Gepty said.
At present, the Philippines enjoys preferential market access in the EU market through the EU Generalized Scheme of Preferences Plus (GSP+).
As a beneficiary of the EU GSP+, the Philippines can export 6,274 products at zero duty to the bloc.
Gepty said that if a beneficiary country of the EU GSP+ breaches the upper middle-income status for three consecutive years, it will no longer qualify for the program.
“Since the Philippines is nearing to breach the same, there is an imperative need to conclude the FTA negotiation as soon as possible to ensure that our stakeholders will continue to enjoy preferential market access,” he said.
With the right policies and a generally favorable external environment, National Economic and Development Authority Secretary Arsenio Balisacan said earlier that the Philippines could reach a gross national income per capita level that places the economy within upper middle-income country territory by late next year.
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