European companies expressed support for the resumption of the EU-Philippines Free Trade Agreement talks.
The European Chamber of Commerce and Industry said Thursday a recent poll organized by the group revealed that 81 percent of the respondents showed “strong appetite for the resumption and conclusion of the EU-PH FTA.”
The survey showed that respondents see the FTA talks as of significant importance to their respective companies and business strategies. If concluded, 83 percent of the respondents anticipate heavy utilization of the EU-PH trade deal.
It said that while 42 percent of the respondents expect to use the deal for trade in goods, 23 percent would use it for trade in goods and services, and 26 percent for trade in services. Still, some 9 percent of the surveyed are unsure of how they can utilize the trade agreement which it comes to force.
The FTA is also expected to address major bottlenecks in trade such as onerous customs and administrative procedures, charges on imports, license requirements, red tape, among others.
The European-Philippine business community share a strong sense of urgency evident in the results of the recently conducted ECCP FTA survey in the first half of 2023. With close to 200 respondents, the survey revealed the sentiments of European businesses community towards the timely and successful conclusion of the EU-PH FTA.
The Philippine government also identified the recommencement of the EU-PH FTA talks as among its top priorities.
ECCP members are also keen on the proposal of the European Commission to extend, for another four years the EU Generalized System of Preferences grant to the Philippines. With a 77-percent utilization rate, about 2.93 billion euros worth of Philippine products reached the EU through the GSP+ in 2021.
Among the top exports to the EU are crude coconut oil, tuna, pineapple, other agriculture products, among others.
