EU, Phl eye enhanced trade, investment relations

MANILA, Philippines - The European Union (EU) and the Philippines are set to hold a meeting next month to discuss ways to enhance trade and investment relations.

Trade assistant secretary Ceferino Rodolfo told reporters that the meeting to be attended by the EU directorate general for trade and officials from the Philippines’ Department of Trade and Industry (DTI), Department of Agriculture and Department of Environment and Natural Resources will be held on June 4.

The meeting will cover the status of the two parties’ trade and investment relations and issues faced by firms in doing business.

Rodolfo said issues expected to be raised are those concerning products that find it difficult to enter the EU because of the bloc’s regulations.

Issues on European firms’ doing business in the Philippines will likewise be tackled during the meeting.

“Common complaints of our partners are on customs matters, power costs as well as logistics,” Rodolfo said.

He said the EU and the Philippines meet every year to discuss how to improve their trade and investment relations.

In line with the aim of promoting greater trade with the bloc, the Philippines submitted its application to qualify for the EU Generalized Scheme of Preferences Plus (GSP+).

The EU GSP+ covers 6,274 products which can enter the EU at zero duty.

Currently, the Philippines is a beneficiary of the regular GSP, which covers 6,209 products, with 2,442 products subject to zero duty and the rest slapped with lower tariffs.

DTI’s initial estimates show Philippine exports to the EU are seen to rise by 611.8 million euros, an 11.96-percent increase compared to the value of outbound shipments to the bloc in 2012, if the country will qualify for GSP+ status.

“By first of January, the Philippines should be able to benefit from GSP+ if all goes well,” Walter van Hattum, counsellor and head of the economic and trade section of the Delegation of the EU to the Philippines said.

Aside from qualifying for EU GSP+ status, the Philippines also wants to pursue a free trade agreement (FTA) with the bloc.