The resumption of free trade agreement discussions between the Philippines and the European Union (EU) is targeted to begin before the year ends as both parties are set to identify the scope of the deal, Trade Secretary Alfredo Pascual said Wednesday.
At a Palace briefing, Pascual, who was in Europe for an investment roadshow last week, said he had an opportunity to meet EU officials to discuss the recommencement of talks for FTA between the country and the trading bloc.
“By way of scoping, [means] we will see if we have potential complementarities… we will share our expectations with the EU and they will share their expectations with us. Then, we will see whether there is a meeting of minds,” he said. The EU’s Generalized System of Preference Plus is a preferential trade arrangement that grants developing countries, including the Philippines, reduced or zero tariffs on exports to the EU market.
“Right now, we’re classified as a lower-middle income [country]. Our expectation, based on our growth trajectory, we will become an upper-middle income country within three years or so that means 2025. By that time we will no longer be eligible for coverage under GSP+,” Pascual said.
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