Free trade deal to ease business between PH and EU markets, experts say

Independent think-tank Stratbase Institute said the "substantial progress" for a free trade agreement (FTA) between the Philippines and the European Union (EU) will result in a more resilient economy.

"As a vocal advocate for aligning with like-minded international partners, Stratbase Institute views the EU-PH FTA as a cornerstone of the country's broader economic security strategy," it said in a statement Tuesday night.

"As like-minded states, both sides share a commitment to strengthening open, rules-based trade and promoting greater economic cooperation," it noted.

Malacanang and European Commission President Ursula von der Leyen, in different platforms, announced Tuesday the progress of negotiations, and possible FTA signing in 2027.

"Stratbase Institute calls for the swift signing and implementation of the landmark deal to deliver long-term stability and growth for Filipino workers, businesses, and consumers," the think tank emphasized.

Once finalized and ratified, the agreement could provide Philippine businesses with more improved access to the European market and opportunities for expanded trade and investment.

"Targeting a final signing before year-end, the final FTA would give Philippine exporters permanent preferential access to the EU market of nearly 450 million consumers, replacing the current arrangement under the EU’s Generalized Scheme of Preferences Plus (GSP+). It would also make the Philippines only the third ASEAN member state, after Singapore and Vietnam, to conclude a bilateral FTA with the EU," Stratbase Institute added.

PNA / Priam Nepomuceno