THE Philippines is eyeing the resumption of free trade talks with the European Union by October, a senior official said, with a focus on environmental protection measures and rules on wearable exports.
"As far as moving forward is concerned, actually we're eyeing to start the negotiation by October ... but by June, we'll have our initial meetings at chief negotiator's level," Trade Undersecretary Allan Gepty told reporters on Monday.
"We're about to resume our FTA (free trade agreement) talks now with the European Union," he added, noting that "when it comes to trade, basically the EU captures at the average around 6 to 8 percent of our total trade as far as export is concerned."
FTA talks were put on hold in 2017 after the EU raised concerns over alleged rights abuses by the government of then-president Rodrigo Duterte. Both parties announced the resumption of talks last March.
Gepty said the Philippines wanted to address regulations regarding garment exports. Last month, exporters urged the government to support the establishment of new textile plants domestically, foreseeing a surge in demand abroad.
Measures relating to environmental protection and sustainability will also be part of the negotiation. Gepty said the Philippines had yet to receive the draft text of an issue it expects to be part of discussions.
The FTA, he reiterated, would guarantee preferential market access for Philippine products to the EU. The country has primarily engaged in trade with the bloc via the Generalized System of Preferences Plus program.
"While it has been extended up to December 2027, the fact remains that if the Philippines will reach the threshold of the upper-middle-income status and you maintain that for three consecutive years, then, of course, you will no longer be qualified as a beneficiary of the EU GSP Plus," Gepty noted.
This indicates the need to fast track the PH-EU FTA negotiations, he added.
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