Efta to benefit auto-parts, electronics sectors in PHL

The automotive parts and electronics sectors in the Philippines might see a receptive market in the European Free-Trade Association (Efta) countries should the country pursue a free-trade agreement (FTA) with the European bloc, Trade Secretary Gregory L. Domingo said on Monday.

“Although maliit lang ang markets doon, they could be additional markets for our electronics and auto-parts products,” Domingo said, referring to the Efta bloc—composed of Norway, Switzerland, Iceland and Lichtenstein.

With the declaration of economic cooperation set to be signed with Efta in June, the trade chief said they were studying specific benefits and sectors that a possible FTA could bring to both parties.

After the signing, preparations for negotiations would start, Domingo said. Undersecretary Adrian S. Cristobal Jr. confirmed earlier that a joint Philippines-Efta feasibility study would be undertaken after the signing of the cooperation agreement.

On the part of the Philippines, Domingo said local industries would be able to get access to high-technology items.

“This agreement encourages them to bring their higher-technology products to the Philippines to help our industries,” Domingo said. –Catherine N. Pillas, Businessmirror