MAKATI CITY – Department of Trade and Industry Secretary Alfredo Pascual expressed confidence that negotiations for the Philippines-European Union Free Trade Agreement (PH-EU FTA) could be expedited, leveraging the Philippines' prior swift trade deal with European countries. During the 11th European-Philippines Business Dialogue on Monday, Pascual noted that the successful negotiation of the Philippines-European Free Trade Association (EFTA) agreement, completed in just a year, serves as an effective model for the ongoing PH-EU FTA discussions.
According to Philippines News Agency, the DTI has targeted 2027 to conclude the PH-EU FTA but hinted at a potentially quicker timeline, given the precedent set by the Philippine-EFTA negotiations. He emphasized that the chief negotiators' meeting scheduled for June is set to establish a solid foundation for the forthcoming negotiation rounds.
On March 18, in a joint announcement with European Commission Executive Vice President Valdis Dombrovskis, Pascual confirmed the resumption of formal talks for the PH-EU FTA, projecting a significant boost in trade by 6 billion euros.
The business dialogue saw participation from over 40 members of the EU-ASEAN Business Council trade delegation from Singapore, who discussed trade and investment opportunities to fortify economic relations between the Philippines and the EU.
During the event, the European Chamber of Commerce of the Philippines (ECCP) presented its 2024 Advocacy Paper to Secretary Pascual, outlining priority sectors such as agriculture, automotive, and energy, among others. ECCP Executive Director Florian Gottein reaffirmed the chamber's commitment to advocating for sustainable development and equitable business conditions for both European and Filipino companies.