European businesses welcome restart of FTA talks

European businesses welcomed the restart of talks between the Philippines and the European Union (EU) for a free trade agreement (FTA), as they emphasized the importance of trade deals in promoting economic growth and stronger ties.

- LOUELLA DESIDERIO

The European Chamber of Commerce of the Philippines (ECCP) said the official resumption of negotiations for the FTA is seen as a welcome development with the renewed interest underscoring the attractiveness of the Philippines as a prime business destination for European firms and the mutual benefits of fostering deeper economic ties.

“The resumption of talks presents a crucial opportunity to enhance economic growth, deepen partnerships, promote sustainability, prosperity and progress. With the Philippines among the fastest-growing economies in the region and boasting a young and dynamic population, the potential for mutually beneficial collaboration between the EU and the Philippines is vast,” the ECCP said.

Last Monday, Trade Secretary Alfredo Pascual and European Commission trade commissioner Valdis Dombrovskis said negotiations for the FTA between the Philippines and EU would be restarted.

There have been two rounds of negotiations for the Philippines-EU FTA, with the last one held in 2017.