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PH to bat for more benefits in free trade talks with EU

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Jessica Fenol, ABS-CBN News

MANILA — The Department of Trade and Industry on Tuesday said it will negotiate for wider coverage and benefits in the free trade agreement (FTA) being negotiated by the Philippines with the European Union. On Monday, the Philippines and EU agreed to restart negotiations for the FTA during a meeting between President Ferdinand Marcos Jr and European Commission President Ursula von der Leyen in Malacañang.In a separate briefing, Trade Secretary Alfredo Pascual said the government is hoping for an “open-minded” and “cordial” negotiations.Pascual said “comprehensive discussions” would happen in the coming months, covering topics such as market access, investments, trade, sustainable development, government procurement, and dispute settlement, among others.“At the very least we will push for the benefits under the GSP+ (generalized scheme of preference plus) to be carried over to the FTA. All those exports benefits in agriculture, garments, food processing, fisheries, tuna processing... we’d like these to be carried over to the FTA… We will negotiate for other sectors to be covered by the tariff arrangements,” Pascual said.<ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/07/31/23/philippines-eu-to-restart-free-trade-talks">Philippines, EU to restart free trade talks</a></li>	<li><a href="https://news.abs-cbn.com/business/12/16/22/eu-open-to-pursuing-free-trade-deal-gsp-discussions-with-philippines-ops">EU open to pursuing free trade deal, GSP+ discussions with Philippines: OPS</a></li></ul>He said the FTA is a more permanent trade framework compared to the time-bound GSP+ which is currently enjoyed by the Philippines. The GSP+ allows the duty-free export of eligible products to the EU which is subject to compliance with international agreements. Pascual said the GSP+ would expire by the end of 2024, but it is expected to be extended until 2027.However, the Philippines stands to lose its GSP+ perks if it becomes an upper-middle-income country. Economic managers have said it could happen in the next few years thus the need for an FTA.“To avoid disrupting the competitiveness of our GSP beneficiaries at the EU market, we need an FTA, a more permanent and robust foundation for our economic relations with the EU. This goes beyond the time-bound GSP+ coverage,” he said.When asked how the public and non-exporters could benefit from an FTA, Pascual said wider market access for local products means more investments as well as jobs.“Increases in export of different companies means expansion of production capacity and to expand capacity, you need to create jobs, that’s one benefit that ordinary Filipinos, Filipinos who are not exporters, there will be opportunities for more jobs,” he said. <ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/07/26/22/philippines-can-become-upper-middle-income-country-by-2024-balisacan">Philippines can become upper-middle-income country by 2024: NEDA chief</a></li>	<li><a href="https://news.abs-cbn.com/business/06/07/23/ph-seems-on-track-to-be-upper-middle-income-world-bank">PH &#x27;seems on track&#x27; to be upper-middle-income: World Bank</a></li></ul>

The Department of Trade and Industry wants wider coverage and benefits in a potential free trade agreement (FTA) between the Philippines and the European Union. 

PH to bat for more benefits in free trade talks with EU

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PH to bat for more benefits in free trade talks with EU

Jessica Fenol,

ABS-CBN News

Published Aug 01, 2023 04:47 PM PHT

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Free trade deal

FTA

GSp+

tariff

import

export

European Union

EU

trade deals

FTA negotiations

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