Graphic from THEPHILBIZNEWS
The European Union and the Philippines held their first sub-committee meeting on Trade, Investment and Economic Cooperation under the EU-Philippines Partnership and Cooperation Agreement (PCA).
The sub-committee meeting was organised by virtual conference, was led on the EU side by Mr Peter Berz, Head of Unit for South and South-East Asia, Australia, New Zealand in DG TRADE, and, from the Philippines side by Mr Allan Gepty, Assistant Secretary, Industry Development and Trade Policy Group at the Department of Trade Industry (DTI).
The sub-committee meeting took place in a friendly and constructive atmosphere and provided a platform for both the EU and the Philippines to discuss various trade-related topics including bilateral trade and investment performance, with close attention to the implementation by the Philippines of the GSP+ preferential trade scheme and the related commitments. The discussions extended to market access issues, regulatory developments, regional trade agreements and reforms in the multilateral trading system, and areas for future engagement and cooperation.
The EU noted the usefulness of these discussions to keep abreast both parties on trade and economic developments even more so at a time when working together and reinforcing international cooperation is crucial for recovering from the economic impact of the COVID-19 pandemic.
The subcommittee on Trade, Investment and Economic Cooperation was formed after the EU-Philippines PCA entered into force in 2019. The first EU-Philippines PCA committee meeting took place in January 2019 which provided mandate for the establishment of various subcommittees, including the one on trade, investment and economic cooperation.
