The Philippines and the four member states of the European Free Trade Association (Efta) signed in Iceland last week the Joint Declaration on Cooperation (JDC), which allowed both parties to further enhance their bilateral economic relations, including through the establishment of a Joint Efta-Philippines Committee.
These four countries are Switzerland, Norway, Iceland and Liechtenstein.
According to a statement by Efta, the JDC was signed by Philippine Trade Secretary Gregory L. Domingo; Gunnar Bragi Sveinsson, Minister for Foreign Affairs and External Trade of Iceland; Norbert Frick, Ambassador and Permanent Representative of Liechtenstein to the UN; Monica Mæland, Minister of Trade and Industry of Norway; and Johann N. Schneider-Ammann, head of the Federal Department of Economic Affairs, Education and Research of Switzerland.
“The opportunities for both sides are tremendous with a growing economy like the Philippines and with its big population. There’s a lot of opportunities for Efta member countries to participate in the economic growth story of the Philippines, and Philippines can benefit a lot [not only] from providing export market for some of our products and services, [but also] benefit from a lot of technologies you can share with us as we one forward,” Domingo said during the signing.
“I think there’s a very bright future forward for this agreement and we’d like to pursue it,” Domingo added.
The four Efta states are deemed a strategic trading and investment partner for the Philippines given their extensive networks of preferential trade relations worldwide. In addition to the European Union as the Efta states’ most important economic partner, Efta’s network of free trade agreements currently extends to 35 countries, and more free trade negotiations are underway.
As of end-2013, the value of Efta-Philippines’ total merchandise trade amounted to $633 million. The Efta states exported goods to the Philippines worth S440 million, comprising mainly of pharmaceutical products, aircraft and machinery. Imports from the Philippines, which reached $193 million, consisted of machinery as well as optical, medical and surgical instruments.
The signing of the Efta is also expected to serve as a platform for a possible launching of negotiations for a free trade agreement to further expand and diversify trade and investment flows.
Based on the JDC signed by the Philippines and Efta will “seek ways and means to expand trade relations, taking into account international obligations, in particular the provisions of the World Trade Organization.”
Both parties, the JDC states, will also seek to “broaden cooperation in areas of particular importance to expanding their trade and investment relations, inter alia, by exchanging views and information, examining available trade policy instruments and encouraging cooperation on competition policy and law; public procurement; trade and sustainable development; human resources development; investment flows, including technology transfer; and other trade and investment-related issues and policies.
“The Efta states and the Philippines will examine the feasibility of establishing a free trade area,” the JDC added. Amy R. Remo, Philippine Daily Inquirer
Read more: http://business.inquirer.net/173827/ph-efta-nations-boost-trade-ties#ixzz36ZJNfe5p
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