March 19, 2024
1 min read

EU, Philippines resume stalled trade negotiations

The EU has targeted agreements with southeast Asian countries and has accords with Singapore and Vietnam and is in negotiations with Indonesia and Thailand…reports Asian Lite News

The European Union and the Philippines said on Monday they would resume negotiations on a free trade agreement as the EU seeks to tap into Asia’s faster economic growth and gain access to critical raw materials.

Free trade negotiations stalled in 2017 over EU concerns about the human rights record of then Filipino President Rodrigo Duterte, who was succeeded in June 2022 by Ferdinand Marcos Jr.

EU trade chief Valdis Dombrovskis said the bloc welcomed the “positive change of direction” taken by the Philippines’ new administration, while encouraging further progress on human and labor rights.

The European Union is the Philippines’ fourth largest trade partner. Trade in goods was worth 18.4 billion euros ($20 billion) in 2022 and 4.7 billion euros ($5.1 billion) in services in 2021. A trade deal could increase trade by 6 billion euros, Dombrovskis said.

The EU has targeted agreements with southeast Asian countries and has accords with Singapore and Vietnam and is in negotiations with Indonesia and Thailand.

The EU is eying Filipino raw materials such as nickel, copper and chromite that it needs for its green transition and for which it is currently heavily reliant on China.

Philippine Commissioner for Trade Alfredo Pascual said his country wanted to secure capital and know-how from EU companies to engage in more domestic processing. His country already benefits from the EU’s tariff-free GSP+ system for developing countries, but aims to rise to upper middle class income status, when GSP+ would no longer apply.

“We want to be able to lock in the benefits of GSP+, plus more,” Pascual said.

The Philippines currently benefits from tariff-free access to the EU for about two-thirds of products, including coconut oil, vacuum cleaners, tuna and pineapples. A free trade deal could allow exports of seaweeds, tobacco, wood and ornamental plants, Pascual said.

ALSO READ-Ukraine welcomes fresh military aid from EU

Previous Story

Ukraine welcomes fresh military aid from EU

Next Story

Holi with a Culinary Twist

Latest from -Top News

India-EU Trade Talks Resume

The proposed India-EU FTA covers 23 policy areas, or chapters, of which at least two – market access and rules of origin – have yet to be resolved….reports Asian Lite News India

India Launches Relief Ops in Bhutan

The Royal Government of Bhutan has expressed sincere gratitude to the Indian Army…reports Asian Lite News Amid unprecedented floods caused by a low-pressure system over the Bay of Bengal, relentless rainfall has

Jaishankar Hints at Tariff Deal with US

Jaishankar explained that the ongoing trade tensions largely stem from the inability of both sides to reach a common ground on several issues….reports Asian Lite News External Affairs Minister S. Jaishankar on
Go toTop

Don't Miss

Highest-ever EU trade deficit recorded in 2022

The lowest share of intra-EU exports was reported in Cyprus

TikTok tells EU that it has removed over 500K videos

European Commissioner Thierry Breton urged TikTok CEO Shou Zi Chew