The European Chamber of Commerce of the Philippines (ECCP) expressed support for the resumption of free trade agreement (FTA) negotiations between the Philippines and the European Union (EU).
The talks, scheduled from Oct. 14 to 18 in Brussels, Belgium, aim to boost bilateral relations and secure preferential market access for Philippine exports.
The Department of Trade and Industry (DTI) set a target of concluding the FTA by 2027, recognizing its importance in light of the impending expiration of the Generalized Scheme of Preferences Plus (GSP+) in the same year.
A study by the International Trade Centre (ITC) highlights the significant untapped export potential for the Philippines in the EU market, totaling $8.3 billion. The FTA is expected to play a crucial role in unlocking this potential.
The ECCP said the FTA could increase high-quality investments and improve the Philippines’ investment climate.
Among the key sectors that are poised to benefit from the FTA are agriculture, garments, digital trade, renewable energy and minerals.
The Confederation of Wearable Exporters of the Philippines (CONWEP) estimates that the FTA could generate between 120,000 and 250,000 new jobs within the first few years of its implementation.
The Philippines’ $50-billion IT-BPM industry and electronics sector are also expected to benefit from an expanded access to EU markets.
The ECCP said it has been actively involved in advocating for the FTA, publishing position papers and participating in high-level discussions with policymakers.
As the negotiations progressed, the ECCP stressed the importance of reducing bureaucratic barriers, modernizing customs regulations and fostering sustainable, resilient supply chains.
