THE Department of Trade and Industry (DTI) said the third round of negotiations last week for a Philippines-European Union (EU) free trade agreement (FTA) was marked by “good progress.”
“Good progress has been made in the text-based negotiations,” Trade Undersecretary for International Trade Policy Allan B. Gepty said via Viber.
“Our fourth round of negotiations will be in October in Manila, but we have agreed to take advantage of intersessional (consultations) to help fast-track the negotiations,” he added.
Mr. Gepty was in Brussels last week for the third round of FTA negotiations.
“This is a very important FTA for the Philippines not only because the EU remains one of our major trade partners but also because it is also a major source of investment,” he said.
“This FTA will further deepen and strengthen our economic relations with the EU,” it added.
Last month, EU Ambassador to the Philippines Massimo Santoro cited the importance of speedily concluding negotiations for the FTA without compromising quality in the face of recent events, including the new US tariff measures.
He also noted that both parties aim to include a digital trade chapter in the FTA, which is considered vital in improving services and access in an archipelago like the Philippines.
“The potential gains from this agreement extend far beyond trade and investments as we cover elements also on sustainability, good governance, and cooperation,” Mr. Gepty said.
The EU is a key market for Philippine tuna, coconut, cacao, pineapple, semiconductors, and electronics.
In 2024, the Philippines exported $8.073 billion worth of goods to the EU, while importing $7.463 billion. — Justine Irish D. Tabile