"Strengthening economic engagement with the EU remains a priority for the Philippines," said Philippine Trade and Industry Secretary Alfredo Pascual, adding that the Philippines aims for an ambitious, balanced, and comprehensive FTA with the EU, which is one of the Southeast Asian country's largest trading partners and sources of investment, the Chinese news agency reports.
Pascual said the Philippines "commits to deepening economic ties and fostering cooperation with the EU across emerging trade areas like critical raw materials, climate change, environmental sustainability, labour, and good governance," Xinhua adds.
In 2023, the EU emerged as the country's fifth largest trading partner, with total trade amounting to 16.16 billion U.S. dollars, or 8.1 percent share of the Philippines' total trade. Similarly, the EU has been a major foreign investment partner, with total foreign direct investments reaching 29.16 million dollars in 2022 and 63.99 billion dollars in 2023.
According to the DTI, the PH-EU FTA aims to provide enhanced market access for goods, services and investments. Moreover, it will also help the Philippines to attract more EU investments in key sectors such as infrastructure, digital technology, research, renewable energy, and green transition.
The first round of the bilateral FTA negotiations took place in June 2016 in the Philippines. In July last year, the Philippines and the EU agreed to revitalize trade and relaunch FTA talks.