MANILA, Philippines (Xinhua) - The Philippine government welcomed today the country's recent inclusion to the European Union's (EU) Generalized System of Preferences Plus (GSP+), saying this would open up more investment opportunities for the country.
Presidential Spokesperson Edwin Lacierda said that the latest development was also an affirmation of the changes that have been happening in the Philippines.
"We certainly welcome and we thank the EU for allowing us to have a greater opportunity for trade and exchange with them," he said in an interview over a state-run radio station.
The European Parliament approved this week the Philippine application for GPS+, which would allow the country to export about 6,274 products with zero duties to EU member countries starting Dec. 25 this year.
The Philippine Department of Trade and Industry earlier said that the country's exports to EU could increase by 611.8 million euros during the first year that the agreement takes effect and over 200,000 jobs in the Philippines could be created.
Philippines is the only country in the Association of Southeast Asian Nation (ASEAN) that is a recipient of EU GPS+.
EU is the Philippines' 4th largest trading partner in 2013, with total bilateral trade registered at 12.8 billion US dollars. It ranks fourth as an export market for the country's products, accounting for 11.56 percent of total Philippine exports.