DTI meets European parliament

MANILA, PHILIPPINES — Trade chief Alfredo Pascual recently met with Members of the European Parliament (MEP) Sub-Committee on Human Rights to tackle trade and foreign direct investment matters. 

“This preferential scheme benefited not just local industries but even foreign investors doing business in the country. This scheme helped us in transforming lives and communities in the Philippines consistent with our efforts to promote socio-economic development,” Pascual said. 

Among the areas discussed during the meeting were PH-EU economic relations, the European Union Generalized Scheme of Preferences-Plus (EU-GSP+), and a possible Free Trade Agreement (FTA). 

DTI expressed the country’s confidence in achieving upper middle-income status, as well as the country’s long-term interest in resuming the PH-EU FTA negotiations.  

“With the positive developments in our relations and growing economic performance of the country, these all-merit further consideration of elevating PH-EU relations through an FTA. DTI proposes, with the Parliament’s support, the continuation of the PH-EU FTA negotiations, as the FTA will provide a more stable and permanent platform for our trade and investment,” Pascual said. 

Pascual also shared the recent economic developments in the country, including the Senate concurrence on the ratification of the Regional Comprehensive Economic Partnership (RCEP) Agreement.