The resumption of formal negotiations on a free trade agreement between the European Union and the Philippines is expected to start in 2024 after the scoping discussions which will start in September 2023. Know more:
THE resumption of formal negotiations on a free trade agreement between the European Union and the Philippines is expected to start in 2024 after the scoping discussions which will start in September 2023, according to Trade and Industry Secretary Alfredo E. Pascual.
A trade agreement, he added, “would normally be followed by investment companies that will make full use of the preferential trade arrangements.” The Philippines is among the beneficiaries of the EU GSP+ arrangement as it is a “special incentive arrangement for sustainable development and good governance, which reduces tariffs to 0 percent for broadly the same tariff lines as Standard GSP.”
On top of the key industries that the Philippines is benefitting from—in the areas of agricultural products like coconut oil, tuna, bicycles, and some electrical devices including hair dryers and vacuum cleaners, among others — under the GSP plus, Pascual said that under the PH-EU FTA, the Trade department is looking at negotiating for more sectors.
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