Trade Secretary Alfredo Pascual yesterday said it is high time to resume free trade agreement (FTA) talks between the Philippines and the European Union (EU).
Pascual made this statement after he received reports the European Parliament (EP) supported the European Commission’s (EC) proposal to renew the Generalized System of Preferences (GSP) Plus scheme for another four years.
Pascual noted the urgency in resuming FTA negotiations “to maintain the strong economic relations with the EU.”
“Through our enabling business environment, we are confidently encouraging foreign investments towards the Philippines,” Pascual said.
According to Pascual, the resumption of FTA negotiations was endorsed by EU Commission President Ursula Von Der Leyen during her visit to the Philippines in July as well as key business sectors such as the EU-Asean Business Council European Chamber of Commerce of the Philippines (ECCP) and other industry associations.
In a speech in a forum on Wednesday, Pascual said EP backed the EC’s proposal to rollover the GSP+ scheme, subject to final approval.
ECCP in a statement yesterday welcomed this development since many European and Filipino firms are benefitting from this scheme.
On November 21, the European Union released its Fourth GSP Report on the Philippines which according to Pascual recognized the important strides made by the country’s current administration and its commitment to GSP+ compliance.
Pascual credited to constructive dialogues within the GSP+ framework for addressing points of concerns on the Philippines’ obligations on the 27 international conventions, covering human rights, labor rights, environmental standards, and good governance for the period 2020 to 2022.
While the report underscored areas of progress, it also highlighted where more effort is needed. – Irma Isip
