THE European business chamber on Tuesday welcomed the resumption of free trade talks between the Philippines and the European Union, citing the country's attractiveness as an investment destination and the potential economic opportunities from a finalized deal.
Trade Secretary Alfredo Pascual and European Commission Executive Vice President Valdis Dombrovskis a day earlier had announced that the first round of talks would start later this year.
Negotiations had begun in 2015 but were stalled after the EU questioned the human toll of the Duterte administration's war on drugs. With a new government in office, Manila and Brussels last year said that they were looking to restart discussions.
"This renewed interest underscores the attractiveness of the Philippines as a prime business destination for European firms, emphasizing the mutual benefits of fostering deeper economic ties," the European Chamber of Commerce of the Philippines (ECCP) said in a statement on Tuesday.
The EU, it added, views the Philippines as a compatible partner with shared values in democracy, sustainable development, the rule of law, peace and stability.
A free trade agreement (FTA) is expected to increase trade by up to 6 billion euros and offer a wide range of benefits, including increased market access for sectors such as agriculture and garments.
"With the Philippines among the fastest-growing economies in the region and boasting a young and dynamic population, the potential for mutually beneficial collaboration between the EU and the Philippines is vast," the ECCP said.
The EU was the country's fifth-largest trading partner last year, accounting for $16.16 billion or 8.1 percent of total trade. It also invested $63.99 billion in 2023.
"We aim for an ambitious, balanced and comprehensive FTA with the EU," Pascual said in a statement.
"Our approach is guided by the Philippine Development Plan 2023-2028, directing us to advance purposive, assertive and forward-looking FTAs," he added.
Dombrovskis, meanwhile, said that "a modern, comprehensive and values-based free trade agreement with this fast-growing economy would open new opportunities for both sides, strengthen our supply chains and promote sustainable trade."
"It would also deepen ties with a key partner in the burgeoning Indo-Pacific region," he added.
The Philippines has primarily engaged in trade with the EU via the Generalised System of Preferences Plus, which provides zero tariffs on many products.
The proposed FTA aims to further improve market access for goods, services and investments. It is also expected to attract more EU investments in key sectors such as infrastructure, digital technology, research, renewable energy and green transition.
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