EU and Philippines Resume Free Trade Negotiations
After a seven-year hiatus, the European Union (EU) and the Philippines have announced the revival of their free trade negotiations, signaling a renewed effort to bolster economic ties between the two regions.
Optimism for Deepening Trade Relations
The announcement, made by Manila’s Department of Trade and Industry, reflects optimism from both parties about the prospects of deepening their trade relations.
Significant Development in Trade Talks
The resumption of talks marks a significant development following a pause in negotiations in 2017, coinciding with concerns raised by the EU regarding human rights issues during the presidency of Rodrigo Duterte.
Commitment to Advancing Trade Relations
European Commission Executive Vice President and Trade Commissioner, Valdis Dombrovskis, emphasized the opportune moment for advancing trade relations, stating, “The conditions are right to take our trade relations to the next level.”
Focus on Addressing Concerns
Dombrovskis highlighted the importance of addressing long-standing concerns related to human rights and labor rights, indicating a multifaceted approach towards fostering a comprehensive trade agreement.
Enhancing Bilateral Trade
Despite the previous hiatus, both sides are committed to exploring avenues for mutual cooperation and economic growth, aiming to reignite momentum in bilateral trade between the EU and the Philippines.
Potential for Economic Growth
The impending trade deal aims to facilitate mutual market access, fostering a conducive environment for diversifying supply chains and expanding opportunities for professionals and service providers in both regions.
Optimism for Closer Economic Integration
Philippine Trade Secretary Alfredo Pascual expressed optimism about the prospects of closer economic integration with the EU through an ambitious, balanced, and comprehensive Free Trade Agreement (FTA).
Mutual Commitment to Free Trade Benefits
The envisioned free trade agreement holds the potential to unlock new avenues for economic growth and development for both the EU and the Philippines, with stakeholders anticipating fruitful discussions aimed at addressing trade barriers and enhancing cooperation in various sectors.