THE Department of Trade and Industry said it will court European businesses to use the Philippines as a manufacturing base, among others, as it aims to resume the Philippines-European Free Trade Agreement negotiations.
According to DTI, a bilateral FTA with the Philippines is “consistent” with the EU’s Indo-Pacific strategy. Likewise, the agency noted, the Philippines can support the EU’s goal to diversify suppliers and enhance its cooperation on supply chains in the Asean region. The abovementioned goals are just some of those listed in the agency’s trade agenda as Trade Secretary Alfredo E. Pascual is set to participate in the European Union- Association of Southeast Asian Nations Business Summit in Brussels next week.
DTI said it remains committed to maintaining the Philippines’s EU GSP+ beneficiary status. As the special incentive arrangement with the EU is set to expire in 2023, the DTI said the Philippines will apply under the new scheme.
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