President Marcos Jr hopes for Philippines-EU FTA conclusion by 2027

"We see the FTA as a crucial step in enhancing the trade partnership between the Philippines and the EU," he said in a message delivered by his executive secretary Lucas Bersamin during the 2024 European-Philippines Business Dialogue and European Investors’ Night in Makati City.

"We look forward to negotiations being finalised by 2027 and to elevating trade and investment flows through a comprehensive agreement that includes advanced provisions for digital trade and intellectual property rights," he was quoted as saying by domestic media reports.

He said Manila is optimistic that the FTA will unlock new opportunities, significantly increasing market access for Philippine goods and services and at the same time, facilitate the flow of investments, technology and expertise, bringing mutual benefits to both sides.

"The FTA is more than just an agreement; it is a symbol of our shared vision for a future of prosperity and collaboration," President Marcos said.

The country welcomes continued EU investment in key sectors aligned with innovation and sustainability, said the president.

To maximise the proposed FTA’s benefits, he said his government has enacted significant reforms, enhancing the business environment.

"The GSP+ [The EU’s Generalised Scheme of Preferences Plus] arrangement, to expire in 2027, has significantly benefited our communities, with a utilisation rate of 77 per cent in 2022," he noted

Fibre2Fashion News Desk (DS)