$8.3 bn worth untapped export opportunities in EU for Philippines: DTI

More can be explored in areas like services and investments, DTI undersecretary for international trade group Allan Gepty said after the issue was recently discussed during the resumption of the FTA negotiations in Brussels last week.

Both sides made ‘good progress’ in the first round, which focused on the elements, chapters and the text of the FTA, he was cited as saying by a domestic news agency.

The next round of discussions will be in February 2025 in the Philippines, followed by a third round in June, and a fourth in October.

He said the government aims to continue the preferential arrangement with the EU once the country exits the EU Generalised Scheme of Preferences Plus (GSP+) when the Philippines reaches the upper middle income status.

Around 26-28 per cent of Philippine exports to EU enjoys duty-free benefits under the GSP+.

In 2023, the EU was the Philippines’ fourth-largest trading partner, accounting for 8.1 per cent of the country’s total trade after China (20.3 per cent), Japan (10.5 per cent) and the United States (9.9 per cent).

The Philippines was the EU's 42nd largest trading partner globally, accounting for 0.3 per cent of the EU’s total trade last year. 

Fibre2Fashion News Desk (DS)