Staff Writer
According to Ursula von der Leyen, president of the European Commission, negotiations on a free trade agreement between the European Union and the Philippines will resume in an effort to hasten the start of “a new era of cooperation.”
Benigno Aquino, who was president at the time, launched negotiations in 2015; however, they came to a halt under Rodrigo Duterte, who took office two years later. Duterte’s deadly drug war soured ties with the West and spurred an international investigation.
In Manila, von der Leyen and President Ferdinand Marcos held a joint press conference where von der Leyen said, “I’m really delighted that we have decided to relaunch negotiations for (a) free-trade agreement (FTA).
According to her, an FTA has “huge potential for both of us” in terms of jobs and growth. “Our teams will get to work right now on setting the right conditions so that we can get back to the negotiations,” she said.
A FTA with the EU would be Manila’s second bilateral agreement following its agreement with Japan and the EU is the Philippines’ fourth-largest trading partner.
As “like-minded partners” who “share values of democracy, sustainable and inclusive prosperity, the rule of law, peace and stability, and human rights,” Marcos characterized the Philippines and the European Union.
A Generalized Scheme of Preferences Plus (GSP+) designation that currently entitles the Philippines to tax-free exports of 6,274 goods to the European Union is slated to expire at the end of this year.
In exchange for following 27 international treaties on human rights, labor rights, the environment, and good governance, Brussels reduces its import tariffs to zero on two-thirds of product categories via the GSP+ program, which is extended to developing nations.
Due to Duterte’s anti-narcotics onslaught, which killed thousands of lives, rights watchdogs and several EU lawmakers have asked the European Union to refuse to extend the pact with the Philippines.
Even though Marcos stressed the importance of rehabilitation, the drug war has persisted during his leadership. However, a local monitoring organization believes that more than 350 people have died since he came to power in June 2022.
The first head of the European Commission to visit the Philippines, Von der Leyen, stated that both parties had “learned the hard way.”
The foundation for diversifying supply chains was a free-trade agreement, which could also serve as “a springboard for new technology cooperation to modernize the broader economy.”
She said that the European Union would give the Philippines $513 million in funding to support the development of “green energy” and plastics recycling, as well as offer satellite data to aid in the country’s improved preparedness for severe weather.
In order to guarantee the supply of essential raw materials, it also intended to support the mining industry’s growth in the Philippines.
Von der Leyen stated, “We have a comprehensive strategy to take our collaboration to the next level.
