THE public should actively participate in consultations on the country’s trade engagements, the regional Department of Trade and Industry (DTI) said.
During Wednesday’s public consultation on the Philippine-Europe trade engagement, DTI Asst. Regional Director Nelia Navarro said the country’s growing economy should be complemented with enhancing trade ties with other nations including the European Union.
“This growth brings jobs, innovation, and development,” she said during the One Country, One Voice (OCOV) stakeholder consultation on the Philippine-Europe trade engagement in Cebu City on Wednesday.
About 100 representatives from the export sector, government line agencies, and the academe attended the meeting at Quest Hotel and Conference Center.
Navarro said the EU is the Philippines’ fourth largest trading partner with bilateral trade amounting to P738 billion. On the other hand, the Philippines is EU’s sixth largest trading partner in the ASEAN region and 44th worldwide.
She said with the proposed Free Trade Agreement (FTA) with the EU, the Philippines can lock in its duty-free market access obtained under the EU Generalized System of Preferences Plus (EU-GSP+).
Under this scheme, the Philippines can export to the 28-member bloc 6,209 products at zero duty. However, this beneficiary status is temporary and subject to several conditions such as the pace of the country’s economic growth.
Navarro said the Philippines and EU have agreed to cover a broad range of issues including elimination of customs duties and other barriers to trade, services, and investment, access to public procurement markets, as well as additional disciplines in the areas of competition and protection of intellectual property rights.
“With improved market access and greater opportunity for investments, supported by commitments on sustainable development, we are confident that this would bring growth and jobs to our region as well,” Navarro said.