EU awaits Phl confirmation on interest to pursue FTA

MANILA, Philippines – The European Union is awaiting the Philippines’ official confirmation on its expression of interest to engage in serious negotiation for a free trade agreement (FTA) with the EU.

EU Ambassador to the Philippines Guy Ledoux said on Thursday that Trade Secretary Gregory Domingo had indicated that the Philippines was considering negotiation for an FTA with the EU.

“Secretary Domingo met with the EU Trade Commissioner during an ASEAN Economic Meeting and in that meeting he expressed interest. The EU is waiting for official confirmation in his interest. We haven’t received that,” Ledoux said.

The EU Parliament is convinced that the EU and Philippines need to move forward towards an FTA. An FTA will also form the basis for future investments into the Philippines.

The negotiation for Singapore-EU FTA has been underway since March. The negotiation for EU-Malaysia FTA was formally launched in October in the margins of the ASEM (Asia Europe Meeting).

Vietnam confirmed in the margins of the ASEAN Summit its intention to launch an FTA negotiation with EU as soon as possible.

Former EU Ambassador to Manila Alistair MacDonald had said Domingo indicated the Philippines’ interest in considering the possibility of an FTA with EU during a meeting with EU Trade Commissioner Karel De Gucht in Vietnam last August.

British Foreign Office Permanent Undersecretary of State Simon Fraser said during a visit to Manila last year that it is in the interest of the Philippines to engage rapidly in an FTA with the EU.

British Ambassador Stephen Lillie welcomed indications of interest from the Philippines in opening discussion on a possible EU-Phl FTA.

The Philippines and the EU are set to sign a Partnership and Cooperation Agreement (PCA) becoming the first-ever bilateral and comprehensive agreement between the two parties. The PCA will form a new basis for cooperation between the EU and the Philippines.

The PCA was initialed in Brussels following the successful completion of negotiations on June 3, 2010. The formal signature of the agreement will follow later this year, once the necessary procedures have been completed on both sides. –Pia Lee-Brago (The Philippine Star)