MANILA - Philippines Trade Secretary Alfredo Pascual held a meeting with the delegation of the EU-ASEAN Business Council (EU-ABC) with the goal of supporting and sustaining the continued growth of trade and investment between the Philippines and the European Union (EU).
During the sidelines of the 19th ASEAN Economic Ministers-European Union (AEM-EU) Consultation held in Semarang, Indonesia on August 20, Pascual met the delegation led by Gustaaf Reerink, Chris Humphrey, and Rino Donosepoetro.
According to the Department of Trade and Industry (DTI), both delegations welcomed the developments on the EU Generalized Scheme of Preferences (GSP) Plus and the commencement of the scoping process for a possible PH-EU Free Trade Agreement (FTA), which are expected to support and sustain the continued growth of trade and investment between the Philippines and EU.
Both delegations also recognized mutual interests in the areas of renewable energy and sustainable financing where the trade and industry chief highlighted the country’s strong economic potential for solar, wind, and geothermal energy.
Because of this, Pascual stressed that it is important to take into account the full renewable energy supply chain in considering investments, which will in turn, open opportunities in research and development and manufacturing.
During the meeting, Pascual acknowledged the strong support from the EU-ABC for the resumption of negotiations of the PH-EU FTA and further highlighted the meeting between Philippine President Ferdinand Marcos Jr. and European Commission Ursula Von der Leyen last July 2023 held in Manila.
