DTI: EU Parliament positive on extension of Philippine GSP+

The European Parliament has welcomed the proposed extension of the Generalized System of Preference Plus (GSP+) trade agreement with the Philippines for another four years, with the ongoing arrangement set to lapse by the end of the year.

Citing a report from officials in Geneva, Trade Secretary Alfredo Pascual said the European Parliament has given positive feedback on the proposal of the European Commission to extend the scheme until 2027.

“In view of the upcoming expiry of the GSP regulation at the end of 2023 and the still-ongoing negotiations for a new regulation, the Commission has proposed an extension of the current rules which was welcomed by the European Parliament and the Council,” Pascual told reporters in Makati City.

“During the period of prolongation of the current rules, monitoring and engagement will continue as usual and beneficiary countries should continue to make reform efforts,” he added.

The EU GSP+ which grants the Philippines zero duties on 6,274 locally made products, is set to expire at the end of the year, with the Philippines seeking to renew such an agreement moving forward.

“Beyond the extension, a revised GSP regulation is expected to provide continuity and maintain the essential features of the scheme while being flexible to respond to future political challenges such as challenges in the GSP country’s economic status, new sustainability demands, and improving communication and transparency in the GSP monitoring work,” Pascual said.

The trade agreement was among the subjects discussed by members of the European Parliament’s Subcommittee on Human Rights (EP DROI) during their visit to the Philippines in February.

The European Parliament last February mulled the removal of some of the Philippines’ trading privileges should the government, then led by former President Rodrigo Duterte, fail to address the alleged human rights violations in the country.

Latest data available from the Philippine Statistics Authority (PSA) show that the Philippine exports to the European Union (EU) stood at $752.42 million in September 2023., while imports from the EU stood at $581.18 million. —VAL, GMA Integrated News