The Philippines’s free trade agreement with Europe has boosted, and will continue to grow its total trade with Norway, according to the Department of Trade and Industry .
Philippine exports to Norway posted a growth of 36.46 percent to 7.8 million euros in 2021 from 5.7 million euros in 2020. Imports from Norway, the DTI-BITR said, grew by 135.68 percent to 77.08 million euros last year from 32.7 million euros in 2020. In a networking luncheon hosted by the Philippines Norway Business Council on Wednesday, BITR Director Angelo Salvador M. Benedictos highlighted the steadily increasing trade figures between the Philippines and Norway, brought about by the Philippines-EFTA Free Trade Agreement implemented since June 2018.
Norwegian exporters likewise benefited from the tariff reduction under the PH-EFTA. Such products include chemicals/fertilizers, fisheries and fishery products, plastics, and related articles.
Source: News Formal (newsformal.com)
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