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EU envoy says GSP+ extension inked; eyes resumption of free trade deal talks

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MANILA - Philippine exports to the European Union will continue to benefit from the generalized scheme of preference (GSP) after the trade deal was extended for 4 more years.EU Ambassador to the Philippines Luc Veron said the GSP rollover was signed &quot;securing stability for Philippine exports until 2027.&quot;Trade Secretary Alfredo Pascual earlier said both the European Parliament and the European Council backed the extension. Under the GSP+, over 6,000 locally produced products are allowed for duty-free export to the EU.<ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/11/23/23/eu-bodies-back-extension-of-trade-perks-for-ph-dti-chief">EU Parliament backs proposed 4-year extension of PH trade perks, says DTI Chief</a></li></ul>The envoy also added that the EU and the Philippines &quot;are jointly exploring the possibility&quot; of the resumption of negotiations for a free trade agreement (FTA).President Ferdinand Marcos Jr in July said the Philippines would work with the EU to <a href="https://news.abs-cbn.com/business/07/31/23/philippines-eu-to-restart-free-trade-talks">restart</a> the FTA negotiation.Pascual also earlier said that an FTA with the EU is in line with the Philippines&#x27; goal of becoming an upper-middle-income country. A country considered as such is no longer eligible for the special incentive awarded by EU to &quot;vulnerable&quot; countries, the DTI said. <ul class="op-related-articles">	<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>

Philippine exports to the European Union will continue to benefit from the generalized scheme of preference (GSP) after the trade deal was extended for the next 4 years.