Cyprus sees higher economic engagement with EU-Phl FTA

MANILA, Philippines — Cyprus sees considerable potential for increased economic engagement with the Philippines once a free trade agreement (FTA) with the European Union (EU) takes effect.

Cyprus Foreign Minister Constantinos Kombos welcomed the announcement of European Commission president Ursula von der Leyen that substantial agreement has been reached on an EU-Philippines FTA.

“We welcome this important milestone and look forward to the completion of the remaining necessary steps toward the successful conclusion and signing of the agreement,” Kombos told The STAR.

“From Cyprus’ perspective, as an open and outward-looking economy, we see considerable potential for increased economic engagement with the Philippines through the FTA,” Kombos said.

“Such an agreement can create new opportunities for our companies, encourage investment, facilitate trade and contribute to job creation, thereby expanding the mutually beneficial economic footprint of our partnership.”

“The mutually beneficial agreement should bring tangible benefits, including new opportunities for businesses, more investment and more jobs,” Von der Leyen said.

It will also support shared priorities on sustainable development and the clean and digital transitions.

Kombos said the economies of Cyprus, an EU member, and the Philippines are significantly complementary, providing a solid basis for enhancing bilateral trade  that better reflects the full potential of the economic relationship.

FTAs concluded between the EU and its partners around the world provide important tools for increasing trade, including the reduction or elimination of tariffs, improved market access and greater legal certainty for businesses.

He emphasized the task of establishing the appropriate institutional framework and encouraging business communities to engage more closely, identify concrete opportunities and expand into new areas of cooperation.

According to Kombos, Cyprus can serve as a gateway for Philippine companies seeking to expand their presence in the EU, particularly in areas such as shipping, professional and financial services, technology, tourism and education.

“At the same time, the Philippines offers Cypriot companies access to one of Southeast Asia’s most dynamic markets, as well as opportunities in sectors where the Philippines has significant expertise and potential,” he said.