Stable, predictable trading environment
EU-ASEAN Business Council executive director Chris Humphrey said the deal provides businesses with a more stable and predictable trading environment, but stressed that actual investment would depend on conditions on the ground.
“What determines where investment capital flows is not merely what is signed on paper. It is whether the conditions on the ground make a project worth approving,” Humphrey said.
European Commission Director-General for Trade and Economic Security Ditte Juul Jørgensen said the immediate priority is to formally conclude the Philippines-EU negotiations, while talks with Thailand and Malaysia continue.
Building blocks
She said bilateral agreements could eventually form the building blocks for deeper region-to-region economic integration between ASEAN and the EU.
ASEAN Deputy Secretary-General Satvinder Singh said European businesses continue to expect a broader ASEAN-EU free trade agreement.
“The elephant in the room is that we still do not have a region-to-region free trade agreement between ASEAN and the EU,” Singh said.
Philippine Trade and Industry Undersecretary Ceferino Rodolfo said the Philippine agreement could also strengthen confidence in ASEAN as an investment destination.
“The Philippines-EU FTA is a bilateral agreement, but its significance is regional,” Rodolfo said.
The summit also examined opportunities in energy, financial inclusion, digital connectivity, cross-border payments, health and nutrition.
Philippine Energy Undersecretary Felix William Fuentebella said predictable regional energy cooperation could help mobilize investment, while Budget and Management Secretary Kim Robert de Leon called for stronger private-sector participation in health and nutrition.
ECCP president Diana Edralin said the priority now is execution, with the agreement expected to serve as a foundation for deeper economic ties among the Philippines, ASEAN and the EU.
