The German Philippine Chamber of Commerce and Industry (GPCCI) welcomes the announcement by the European Union (EU) regarding their intention to explore the relaunch of negotiations for a Free Trade Agreement (FTA) with the Philippines.
“We are glad to see that the EU and the Philippines taking concrete steps in commencing talks of a sustainable Free Trade Agreement.” Said GPCCI Executive Director Christopher Zimmer “This development reinforces the importance of the Philippines and presents exciting opportunities paving the way for deeper trade ties.”
The decision was made during the visit of European Commission President Ursula von der Leyen to the Philippines from July 31 to August 1, further strengthening the strategic partnership between the EU and the Philippines. The formal negotiations are targeted to relaunch in 2024.
The EU and the Philippines will commence a bilateral ‘scoping process’ to gauge their mutual understanding of the future FTA. A successful conclusion of this process, followed by consultations with EU Member States, could provide a pathway for the resumption of FTA negotiations.
“As per DTI Secretary Pascual’s press briefing today, the scoping mission is expected to be done by the end of 2023.”Said GPCCI Senior Vice President Marie Antoniette Mariano, “we look forward to seeing the FTA in motion soon as it benefits many sectors not only from Germany, but also in the EU such as renewable energy, business process outsourcing, manufacturing, and so on.”
According to the European Commission, the envisioned comprehensive FTA between the EU and the Philippines aims to encompass ambitious market access commitments, efficient sanitary and phyto-sanitary procedures, and robust protection of intellectual property rights, including Geographical Indicators. Sustainability will be a central focus of the agreement, incorporating stringent and enforceable disciplines on Trade and Sustainable Development (TSD) in line with the Commission’s TSD review Communication of June 2022. These provisions will uphold high standards for workers’ rights, environmental protection, and the pursuit of ambitious climate goals.
“We are delighted to witness this significant development, which holds the potential to foster even stronger economic ties and fruitful collaboration between Germany, the EU, and the Philippines. And we eagerly look forward to the prospect of the much-awaited EU-PH FTA that will definitely create new opportunities for businesses and drive mutual growth,” said GPCCI President Stefan Schmitz.