Pascual delivered a strong message of commitment to the EU-Philippine partnership in trade and investment before the EU Parliament committee on international trade, DTI said.

GSP+ is an incentive arrangement that grants the Philippines zero tariffs on 6,274 products or 66 per cent of all EU tariff lines.

“The Philippines is an attractive investment destination given its solid macroeconomic fundamentals, enabling policy environment, and young and trainable workforce. With a stable and predictable political regime, our country is well-positioned in the Indo-Pacific to become a regional hub for manufacturing, innovation, training, and education,” Pascual was quoted as saying by Philippine media reports.

DTI also emphasised that the GSP+ has benefited EU companies as well, as they invest in manufacturing facilities in the Philippines to take advantage of the country’s extensive and expanding domestic market.

Fibre2Fashion News Desk (DS)