PH-EU free trade agreement talks seen done before end of Marcos admin- DTI

The free trade agreement (FTA) negotiations between the Philippines and the European Union (EU) are expected to be finished before the end of President Ferdinand Marcos Jr.’s term.

“We will really exert all efforts possible to get it done before the end of the Marcos Jr .administration,” Trade Secretary Alfredo Pascual told reporters at a press briefing in Makati City on Tuesday.

On Monday, European Commission President Ursula von der Leyen announced that the EU and the Philippines are relaunching negotiations for an FTA as both parties will work on setting the “right conditions.”

The resumption of FTA discussions between the country and the trading bloc is targeted to begin before the year ends, which would cover the identification of the deal’s scope. 

“Both sides already believe this can be concluded,” Pascual said.

“Both sides want it. They want it, we want it. Wala nang ligawan to kasi nagkakaintindihan na eh [There will no longer be a courting stage since both parties already have mutual understanding],” the Trade chief said.

For his part, Trade Undersecretary Ceferino Rodolfo said the FTA talks are not starting from scratch.

The exploratory FTA talks between the Philippines and the EU began in 2013, while the launching of negotiations was announced in December 2015.

The first FTA negotiations were held in Brussels, Belgium in 2016, followed by second round negotiations in Cebu, Philippines in 2017. The FTA talks have been idle since.

Rodolfo reiterated that the “realistic conclusion” of FTA negotiations is seen “before the end of the term of President Marcos.”

As early as March, the Trade chief floated the possibility of resuming FTA talks with the EU as the government is working towards making the country an upper-middle income economy.

The World Bank still classifies the Philippines as a lower-middle income country as its gross national income (GNI) per capita of $3,950 in 2022 fell within the bracket for lower-middle income economies of $1,136 to $4,465.

Despite this, the Philippines remains on track to move up to upper-middle income economy status by 2025, according to National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan. — RSJ, GMA Integrated News