EU Parliament backs proposed 4-year extension of PH trade perks, says DTI Chief

Jessica Fenol, ABS-CBN News

MANILA - Trade Secretary Alfredo Pascual said the European Parliament and the European Council support the proposed continuation of the European Union&#x27;s generalized system of preference plus (GSP+) granted to the Philippines for the next 4 years.The GSP+ arrangement allows duty-free export of over 6,000 eligible products to the EU, subject to compliance with international agreements. The incentive is set to expire on Dec. 31, 2023.&quot;We have exerted efforts also for the continuation of coverage of benefits under the EU GSP+ and we reported that yesterday, the proposal of the European Commission for the rollover of the existing GSP+ for another 4 years has been supported by the European Parliament and the European Council,&quot; Pascual said during the 2023 Pilipinas Conference organized by Stratbase ADR Institute.&quot;That&#x27;s good news for us. We have 4 more years,&quot; he added.The GSP+ grant was given to the Philippines in 2014, which the DTI said has since led to a &quot;significant&quot; increase in exports.According to DTI data, total exports to the EU hit €6.2 billion in 2020, with a total of $2.1 billion worth of exports covered by GSP+. Top exports of the Philippines to the EU include crude coconut oil, vacuum cleaners, prepared tunas and pineapples and activated carbon, among others.Pascual earlier said the Philippines is also eyeing a free trade agreement (FTA) with the EU.<ul class="op-related-articles">	<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>	<li><a href="https://news.abs-cbn.com/business/06/06/23/trade-chief-to-fly-to-brussels-to-bat-for-ph-eu-free-trade-deal">Trade chief to fly to Brussels to bat for PH-EU free trade deal</a></li></ul>

Trade Secretary Alfredo Pascual said EU bodies back the extension of the generalized system of preference plus (GSP+) trade perks to the Philippines for the next 4 years.

EU Parliament backs proposed 4-year extension of PH trade perks, says DTI Chief | ABS-CBN

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EU Parliament backs proposed 4-year extension of PH trade perks, says DTI Chief

EU Parliament backs proposed 4-year extension of PH trade perks, says DTI Chief

Jessica Fenol,

ABS-CBN News

Published Nov 23, 2023 12:55 PM PHT

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