MANILA, Philippines - European businessmen have committed to support the conclusion of negotiations for a free trade agreement (FTA) between the Philippines and the European Union (EU) over the next three years.
In a statement yesterday, European Chamber of Commerce of the Philippines (ECCP) executive vice president Henry Schumacher said it is high time for both parties to begin the scoping stage and negotiations for the FTA.
He said signing the FTA within a three-year period is realistic and the ECCP can assist in making it happen.
“The ECCP can blend with the two sides and aid in having both the EU and the Philippines negotiate, agree on parameters, address issues, and eventually come to terms,” he said.
Foreign Affairs Secretary Albert Del Rosario said the Philippines is committed to proceeding with the FTA negotiations as well as making the necessary structural changes, and getting the people that will implement the bilateral agreement.
He cited that like the Philippines-Japan Economic Partnership Agreement, the Philippines could benefit from the FTA with the EU.
The Philippines stands to benefit from the FTA with the EU in terms of increased investments, trade in goods and services as well as tourist arrivals.
“The agreement with Japan has resulted in Japan becoming the number one foreign investor, number two in tourist arrivals, and number one in Official Development Assistance. If the FTA with EU is signed, more European investors will come and do business here,” Del Rosario said.