HUNGARY'S assumption of the European Union presidency would result in faster free trade agreement (FTA) talks for the Philippines and the boosting of trade and investment from the entire of Europe, according to the Department of Trade and Industry (DTI).

Trade Secretary Alfredo Pascual said on Tuesday that they were optimistic that Hungary would continue to champion the EU's trade agenda on open, sustainable and mutually beneficial trade.

"Additionally, we eagerly await advancements in the discussions surrounding the next Generalized Scheme of Preferences (GSP) regulation," he added.

Hungary is set to assume the rotating presidency of the Council of the European Union on July 1, 2024, replacing Belgium. The DTI said this was a positive step in the successful Philippines-European Union Free Trade Agreement (PH-EU FTA) negotiations.

"We laud and support Hungary's incoming presidency of the EU Council, and we look forward to a productive negotiation for the PH-EU FTA covering emerging elements like trade and sustainable development," said Pascual.

Currently, the Philippines benefits from the enhanced trade preferences with the EU through the GSP +, which grants duty-free access for some Philippine exports.

However, the DTI said that the Philippines was seeking a more permanent and comprehensive trade arrangement through the PH-EU FTA as President Ferdinand Marcos Jr. was aiming to finalize the FTA with the bloc by 2027.

The DTI also said that the Joint Commission on Economic Cooperation (JCEC) with Hungary was its most active platform with a trading partner, which would help expand the Philippines' access to Europe's expertise on technology, renewable energy, sustainable agriculture, infrastructure and manufacturing.

The latest JCEC meeting took place during the celebration of 50 years of diplomatic relations between the Philippines and Hungary.

The Philippines ranks 10th among destinations for Hungarian exports like electronics and processed foods, and the government is aware of the European country's target to boost its exports in machinery, electronics, manufactured goods, horticulture, vehicles, minerals, and information technology-business process management services.