EU and Philippines Explore Ambitious FTA, the announcement comes after the EU’s resumption of FTA talks with Thailand.
The European Union and the Philippines jointly announced their intention to explore the re-launch negotiations for an ambitious, modern, and balanced free trade agreement (FTA) that places sustainability at its core.
Both parties will soon commence a bilateral ‘scoping process’ to assess the extent of their mutual understanding regarding the future FTA.
If this process proves successful, and following consultations with the EU Member States, the EU, and the Philippines would be ready to resume FTA negotiations.
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Commission President Ursula von der Leyen expressed, “The Philippines is a vital partner for us in the Indo-Pacific region, and through this scoping process, we are paving the way to elevate our partnership to new heights.
Together, we will unlock the full potential of our relationship, generating fresh opportunities for our businesses and consumers while also supporting the green transition and fostering a just economy.”
This announcement comes after the EU’s resumption of FTA talks with Thailand earlier this year, affirming the Indo-Pacific region’s pivotal significance in the EU trade agenda.
It sets the stage for deeper trade connections with another dynamic economy in South-East Asia, further bolstering the EU’s strategic engagement with this burgeoning region.
The EU envisions a comprehensive FTA with the Philippines encompassing ambitious market access commitments, expeditious and effective sanitary and phyto-sanitary procedures, and robust protection of intellectual property rights, including Geographical Indications.
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Sustainability will be a central pillar of this agreement, incorporating robust and enforceable disciplines on Trade and Sustainable Development (TSD).
These measures will align with the Commission’s TSD review Communication of June 2022, supporting high levels of protection for workers’ rights, the environment, and the pursuit of ambitious climate objectives.
Source: AP News