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The Philippines and the European Union restarted free trade agreement talks, with the potential to grow bilateral trade by an additional 6 billion euros.
The proposed PH-EU FTA aims to provide enhanced market access for goods, services and investments, going beyond the benefits of the EU’s Generalized System of Preferences Plus . By committing to rules and higher standards, the FTA will enhance competitiveness and foster sustainable, inclusive growth and development in the Philippines.
The EU said the proposed FTA would not only support bilateral trade but also the Philippines’ ambition to be a leader in the green and digital transition. “We seek technology and partnerships with EU companies to create more value from our mineral ores, particularly green metals like nickel, cobalt and copper,” said Pascual. “We believe this will allow us to achieve value creation within our shores rather than simply exporting raw ores.”
Pascual cited the need for diversification beyond just critical minerals. He said diversification of food and non-food items is a major focus of the FTA, given the impact of the pandemic and global political disruptions.
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