The Philippines is ready to resume negotiating about the free trade agreement (FTA) with the European Union (EU), reassured Trade and Industry Secretary Fred Pascual on Wednesday, 24 May 2023.
“Ultimately, what we are focusing on is an enhanced market access for Philippine goods and services to the EU as this will allow Philippine exporters to diversify their markets, reach a broader consumer base, and increase their export volumes,” said Pascual.
As Sweden is the current president of the EU Council, the Swedish Foreign Trade Minister Johan Forssell expressed great support to the bilateral FTA negotiations during his visit to the Philippines.
Citing Manila Bulletin, Forssell said that the Swedish government is supportive of the Philippines’ endeavors as Sweden is a country that is pro-trade and pro-markets.
Additionally, he shared that there are many Swedish companies interested to invest in the Asian country and partner with Philippine companies.
The resumption of the FTA negotiations also was supported by the European businesses in the ASEAN (EU- ABC).
The EU-ABC previously had a meeting with Pascal on Monday, 22 May 2023.
Pascal added that the PH-EU FTA will implement the Philippines’s economic growth and cooperation between the country and the EU as “we aim to make the Philippines a middle-income economy in the next few years.”