The Board of Investments said it expects increased trade between the Philippines and the European Free Trade Association once the Senate concurs with the proposed free trade agreement between the two parties.
EFTA is comprised of highly-industrialized countries of Iceland, Lichtenstein Norway and Sweden.
“We hope it will be a priority agenda. The Senate can afford to include it in the legislative agenda upon resumption of session,” said BoI managing head Ceferino Rodolfo.
President Rodrigo Duterte ratified and confirmed the FTA with EFTA on Dec. 8, 2017.
The Philippine-EFTA FTA covers trade in goods, services, government procurement, intellectual property rights, competition and sustainable development.
It incorporates the existing rules and obligations with respect to areas governing trade in goods and trade in services with additional disciplines agreed upon by both parties.
The agreement will allow the Philippines duty-free entry of industrial and fisheries tariff lines into any EFTA member-state.