The first round of negotiations for the Philippines-European Union (EU) Free Trade Agreement (FTA) concluded on a positive note, the Department of Trade and Industry (DTI) said Tuesday.
Department of Trade and Industry Undersecretary Allan Gepty expressed optimism about the progress made during the talks, emphasizing the constructive engagement and shared objectives between the Philippines and the EU.
“We are both eager to finalize these negotiations as soon as possible, and make substantial progress towards a mutually beneficial agreement,” Gepty said.
The proposed FTA is set to go beyond traditional trade agreements, incorporating elements such as labor, environment, good governance and government procurement.
These provisions align with the EU’s GSP Plus conditions, reflecting the Philippines’ commitment to sustainable and responsible development.
Gepty noted the strong support for the FTA from European business organizations, which bodes well for future collaboration and investment.
“This is a positive sign as we seek to expand our trade relationship with the EU beyond goods and into services and investments,” he said.
The DTI aims to create a more conducive environment for Filipino service providers, particularly professionals, to access the European market. This includes sectors such as financial services, IT-BPM, accounting, auditing, bookkeeping and engineering.
While the next formal round of negotiations is scheduled for February, both parties agreed to maintain momentum through virtual meetings and discussions.
