BUSINESS
Advocates Philippines
Trade Chief To Follow Up GSP+, PH-EU FTA Negotiations
Photo credit: PCO
Department of Trade and Industry Secretary Alfredo Pascual announced on Tuesday that he would be traveling to Brussels, Belgium at the end of June to follow up on the negotiations regarding the European Union's (EU) Generalized Scheme of Preferences Plus (GSP+) and the Free Trade Agreement (FTA) between the Philippines and the European Union.
Speaking during a press briefing in Malacañang, Pascual emphasized the importance of these negotiations as the Philippines aims to maximize the benefits offered by the GSP+ before potentially transitioning to an upper middle income country.
The EU's GSP+ provides special incentives for developing countries that pursue sustainable development and good governance. Pascual noted that the Philippines currently qualifies for the GSP+ as a low-middle income country, but if it transitions to an upper middle income country, it will no longer be eligible for the scheme. This concern was raised by EU parliamentarians who visited Pascual's office, prompting him to emphasize the need to begin negotiating a Free Trade Agreement.
Pascual also highlighted the support received from European businesses operating in the Philippines and some members of the EU parliament. Last month, the EU-ASEAN Business Council (EU-ABC) and the European Chamber of Commerce in the Philippines (ECCP) urged President Ferdinand R. Marcos Jr. to resume negotiations for a bilateral Philippine-EU Free Trade Agreement. Speaking at the EU-ABC Annual General Meeting Gala Dinner in Makati City, President Marcos expressed his belief that the timing and conditions are favorable for both sides to solidify their trade relations through a bilateral FTA.
President Marcos stated that a bilateral FTA would be a win-win strategy, benefiting both the Philippines and the EU. He emphasized that it would help achieve mutually beneficial economic goals while maintaining the EU's consistency with its core ideals and its Indo-Pacific region strategy.
Speaking during a press briefing in Malacañang, Pascual emphasized the importance of these negotiations as the Philippines aims to maximize the benefits offered by the GSP+ before potentially transitioning to an upper middle income country.
The EU's GSP+ provides special incentives for developing countries that pursue sustainable development and good governance. Pascual noted that the Philippines currently qualifies for the GSP+ as a low-middle income country, but if it transitions to an upper middle income country, it will no longer be eligible for the scheme. This concern was raised by EU parliamentarians who visited Pascual's office, prompting him to emphasize the need to begin negotiating a Free Trade Agreement.
Pascual also highlighted the support received from European businesses operating in the Philippines and some members of the EU parliament. Last month, the EU-ASEAN Business Council (EU-ABC) and the European Chamber of Commerce in the Philippines (ECCP) urged President Ferdinand R. Marcos Jr. to resume negotiations for a bilateral Philippine-EU Free Trade Agreement. Speaking at the EU-ABC Annual General Meeting Gala Dinner in Makati City, President Marcos expressed his belief that the timing and conditions are favorable for both sides to solidify their trade relations through a bilateral FTA.
President Marcos stated that a bilateral FTA would be a win-win strategy, benefiting both the Philippines and the EU. He emphasized that it would help achieve mutually beneficial economic goals while maintaining the EU's consistency with its core ideals and its Indo-Pacific region strategy.
Jun 6, 2023
