In the next round of trade negotiations with the EU, market visits may be concentrated on
The Ministry of Trade and Industry (DTI) said the market visit negotiations may begin with the next round of Philippine-European Union (EU) Free Trade Agreement (FTA) negotiations.
In a statement Monday, Deputy Minister Allan B. Gepty said “meaningful progress” was made in the third round of negotiations held in Brussels from June 16 to 20.
“We will continue to adopt this approach and look forward to starting the market visit negotiations in the next round,” Gepti said.
He added: “We remain firmly willing to quickly conclude this FTA, especially given the evolving global trade landscape.”
The next round of FTA negotiations is scheduled to be held in the Philippines in October.
DTI said in negotiations last month that both sides targeted 19 key areas, including trade in goods, origin, rules of service, capital flows, payments, transfers and temporary safeguards, competition policies, customs and trade facilitation and trade facilitation, digital trade, energy, energy and raw materials, and government procurement.
Other areas discussed are intellectual property rights, mutual administrative assistance, sanitation and phytosanitary measures, state-owned enterprises, sustainable food systems, technical barriers to trade, trade and sustainable development, trade remedies, and legal and institutional issues.
Philippines – The EU FTA is expected to be the country’s most comprehensive trade agreement as the first to address government procurement, digital trade, energy and raw materials, as well as trade and sustainable development.
“Both sides reaffirmed their commitment to developing a comprehensive agreement that not only reflects modern trade priorities but also provides tangible benefitsfi“Providing TS to businesses, consumers and stakeholders in the Philippines and the EU,” DTI said.
Philippine negotiators also met with commercial drivers to discuss the potential impact of the FTA, especially for industries such as spirits, chemicals, defense and services.
“Philippines-EU FTA is an important part of the trade agenda, aligned with the Philippine Development Plan (2023-2028) directive to enhance purpose, confidence and forward-looking free trade agreement strategies.”
“As one of the country’s top trading partners, (the parties to the FTA will enjoy) a more predictable and stable trading environment,” it said.
In 2024, trade between the Philippines and the EU reached US$15.5 billion, making the group the fifth largest trading partner of the Philippines, accounting for 7.7% of total trade.
The Philippines’ exports to the EU reached US$8.1 billion, while the EU’s imports reached US$7.5 billion. – Justin Ireland D. Table
