EU Ambassador to the Philippines Luc Veron said Thursday the 2022 bilateral trade between the Philippines and the European Union may have breached pre-pandemic levels, owing to increased utilization of the EU Generalized System of Preferences Plus.
“There is some good news on the economy’s quick recovery front. We are waiting for the preliminary figure for 2022 trade between the EU and the Philippines. But I’m already able to tell you that we will now surpass pre-pandemic levels,” he said at Doing Business in the Philippines briefing Thursday.
He said trade between the Philippines and EU gained traction and grew steadily after global business was disrupted by the pandemic.
Veron said open trade and investments were crucial to generating jobs that Europe and the Philippines needed. “I’m sure you will agree with me that trade plays a key role towards a resilient and sustainable economic recovery,” he said.
“This is why the EU’s trade policy puts a strong emphasis on sustainable development. And has made it a central pillar of our bilateral relationships including the Philippines,” he said.
The EU noted that the Philippines has been actively pursuing important legal and policy reforms that opened key economic sectors to foreign investment, modernize customs and maximize the potential to improve the ease of doing business.
“In particular, we welcome the revision of the implementing rules and regulations of the renewable energy allowing 100-percent percent participation of foreign investors, including Europeans in this sector. This legislative project if and once fully implemented, and without restrictions, can be beneficial to businesses and investors also from Europe,” Veron said.