President Marcos expressed hope to finalize negotiations for the free trade agreement (FTA) between the Philippines and the European Union by 2027.
Speaking at the 2024 European-Philippines Business Dialogue and European Investors’ Night on Monday, President Marcos highlighted the importance of said pact for supporting the country’s transition to a sustainable economy.
“We look forward to negotiations being finalized by 2027 and to elevating trade and investment flows through a comprehensive agreement that includes advanced provisions for digital trade and intellectual property rights,” he said in a message delivered by Executive Secretary Lucas Bersamin.
President Marcos expressed optimism about finalizing the PH-EU FTA by 2027, emphasizing its potential to drive economic growth and promote sustainable development practices, including reducing carbon footprint and increasing reliance on renewable energy.
“The FTA is more than just an agreement; it is a symbol of our shared vision for a future of prosperity and collaboration,” the President said.
President Marcos also cited the vast potential benefits of the FTA, projecting a substantial increase in trade of six billion euros across various sectors.
He emphasized the country’s openness to continued EU investment in innovative and sustainable sectors like renewable energy, electronics manufacturing, and automotive/e-vehicle industries.
The IT-BPM sector and public-private partnerships in sustainable infrastructure offer significant growth opportunities, alongside prospects in agricultural and fishery processing for European companies.