European Commission executive vice president Valdis Dombrovskis (left) and Trade Secretary Alfredo Pascual shake hands after the announcement of the resumption of negotiations for the Philippines-EU Free Trade Agreement, on Monday night in Brussels, Belgium.
Photograph courtesy of the DTI
The Department of Foreign Affairs on Thursday welcomed the resumption of negotiations for a free trade agreement between the Philippines and the European Union.
“The DFA appreciates the continued engagement of the European Commission in formal talks for an FTA, following the successful conclusion of the stock-taking exercises conducted by working level experts from both the Philippines and the EU from September to December 2023,” the department said in a statement.
“We look forward to further coordination and dialogue with the EU in pursuit of a comprehensive, balanced, and modern FTA,” it added.
Earlier this week, Trade Secretary Alfredo Pascual and European Commission executive vice president Valdis Dombrovskis announced the resumption of FTA talks seven years after they were stalled.
To recall, the EU halted the negotiations for an FTA with the Philippines in 2017 due to concerns about former President Rodrigo Duterte’s war on drugs.
In his recent visit to Germany and the Czech Republic, President Ferdinand R. Marcos Jr. emphasized the importance of a Philippines-EU FTA in achieving shared prosperity, stable economic growth, and sustainable development for the Philippines and the Indo-Pacific region.
Department of Trade and Industry data showed the EU emerged last year as the country’s fifth-largest trading partner, with total trade valued at $16.16 billion.
Dombrovskis, for his part, said the FTA between the Philippines and the EU is expected to increase bilateral trade by up to 6 billion euros.
He pointed out the considerable advancements made by the Philippine government during the Marcos administration, especially in its approach to the anti-narcotics campaign.
“Thanks to these positive developments, we are now in a position to get the trade talks rolling once again,” Dombrovskis said.
European Commission President Ursula von der Leyen earlier noted the state of human rights in the Philippines had improved under the Marcos administration.
Von der Leyen made the observation during her two-day visit to the Philippines last year.
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