Trade Secretary Alfredo Pascual yesterday reiterated to members of the European Parliament (EP) the significance of renewing the Philippines’ eligibility to the European Union (EU) Generalized System of Preference Plus (GSP+) citing the scheme’s importance in Philippine-EU economic relations.
Pascual and his team on Wednesday met with representatives of the EP Subcommittee on Human Rights where he also conveyed the Philippines’ long-term interest to resume Philippines-EU free trade agreement negotiations to provide a more stable and predictable business environment for stakeholders of both countries,
The meeting is part of the department’s sustained engagement with the Members of the European Parliament to demonstrate our openness for deeper and meaningful PH-EU engagement and dialogue.
Pascual said that during the meeting, he noted that 26 percent of Philippine exports depend on the EU-GSP+ and that a number of regions and Filipino micro, small and medium enterprises are benefitting from the EU-GSP+.
He also highlighted the GSP+ success stories in the country such as BUKID Multipurpose Cooperative, Pasciolo Agriventures, Lao Integrated Farm, and Auro Chocolates.
Pascual also briefed the delegation of the recent economic developments in the country, such as the 7.6 percent GDP growth, sustained growth in Manufacturing Purchasing Managers’ Index and the successful concurrence of the Senate the Regional Comprehensive Economic Partnership.
He also highlighted the recent economic reforms and investment liberalization efforts undertaken by the country including the passage of amendments to the Public Service Act and Retail Trade Liberalization Act, and the opening of renewable energy projects to 100 percent foreign equity.
Hannah Neumann, member of the EP, in her comment during the meeting that the Philippine-EU close relationship is strongly valued and that the EU side sees the Philippines as a partner in preserving order in the Asean.
