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The Philippines and the European Union (EU) plan to resume formal negotiations on a free trade agreement (FTA) in the second half of this year, the Department of Trade and Industry (DTI) said. Negotiations are expected to begin in the third quarter of this year as preparatory work has not yet been completed.
Since the last round of negotiations in 2017, negotiations have been put on hold due to human rights issues. However, the Philippines is currently a beneficiary of the EU’s Generalized Program of Preferences (GSP+) and enjoys duty-free access to the EU market.
Both parties hope to enhance market access through the FTA, beyond the benefits of GSP+, and attract more EU investment, especially in areas such as infrastructure, digital technology and renewable energy.
The Philippines also plans to amend the licensing regulations for foreign companies to participate in domestic projects to allow Filipino engineers to receive appropriate compensation.
(Source: philstar Image source: freepik)
