THE Department of Trade and Industry (DTI) said market access negotiations could start by the next round of Philippine-European Union (EU) Free Trade Agreement (FTA) talks.
In a statement on Monday, Undersecretary Allan B. Gepty said that “meaningful progress” was achieved in the third round of negotiations held between June 16 and 20 in Brussels.
“We will continue with this approach and look forward to commencing market access negotiations by the next round,” Mr. Gepty said.
“We remain steadfast in our common vision to conclude this FTA expeditiously, particularly in light of the evolving global trade landscape,” he added.
The next round of FTA negotiations is scheduled to take place in the Philippines in October.
In the negotiations held last month, the DTI said both sides addressed 19 key areas, including trade in goods, rules of origin, services and investment, capital movement, payments, transfers and temporary safeguard measures, competition policy, customs and trade facilitation, digital trade, energy and raw materials, and government procurement.
Other areas discussed were intellectual property, mutual administrative assistance, sanitary and phytosanitary measures, state-owned enterprises, sustainable food systems, technical barriers to trade, trade and sustainable development, trade remedies, and legal and institutional issues.
The Philippines-EU FTA is expected to be the country’s most comprehensive trade agreement, as the first such deal to tackle government procurement, digital trade, energy and raw materials, and trade and sustainable development.
“Both sides reaffirmed their commitment to crafting a comprehensive agreement that not only reflects modern trade priorities but also delivers tangible benefits for businesses, consumers, and stakeholders in both the Philippines and the EU,” the DTI said.
The Philippine negotiators also met with BusinessEurope to discuss the potential impact of an FTA, especially for industries like spirits, chemicals, defense, and services.
“The Philippines-EU FTA is an important element of the trade agenda and is aligned with the Philippine Development Plan’s (2023-2028) directive to advance purposive, assertive, and forward-looking free trade agreement strategies,” the DTI said.
“As one of the country’s top trading partners, the (parties to the FTA will enjoy a) more predictable and stable trading environment,” it said, adding that the Philippines will benefit from enhanced access under the EU Generalized Scheme of Preferences Plus.
In 2024, trade between the Philippines and the EU hit $15.5 billion, making the bloc the Philippines’ fifth-largest trading partner, accounting for 7.7% of total trade.
Philippine exports to the EU hit $8.1 billion, while imports from the EU amounted to $7.5 billion. — Justine Irish D. Tabile