Phl inks pact with European Free Trade Association

by Pia Lee Brago, Philstar, May 8, 2016

The Philippines has signed a free trade agreement with the European Free Trade Association (EFTA) composed of Switzerland, Norway, Iceland and Liechtenstein, the Department of Foreign Affairs (DFA) said yesterday.

Trade Secretary Adrian Cristobal Jr. signed the agreement with EFTA states on April 28 in Berne, Switzerland.

Present during the signing was Philippine Ambassador to Switzerland and Liechtenstein Joselito Jimeno.

During the signing ceremony, the Philippines and the EFTA states noted their significant economic relations while stressing the importance of the agreement in further strengthening such relationship.

Under the FTA, the Department of Trade and Industry (DTI) said the Philippines can directly supply some products that EFTA currently imports from ASEAN or from the rest of the world, including frames and mounting for spectacles, parts of gas turbines, ball bearings, hydraulic power engines, babies’ garments, undergarments, dresses; among others.

“The PH-EFTA FTA is expected to boost the flow of trade and commercial exchanges between the Philippines and EFTA countries,” Jimeno said.

In November 2013, the Philippines formally sat down with the EFTA states and announced its interest to undertake negotiations for a Free Trade Agreement.

This was followed by the signing in June 2014 of the Joint Declaration on Cooperation, which formalized the negotiation process.

With a combined population of over 13 million and a combined gross domestic product of $1.2 trillion, EFTA states are the world’s 9th largest merchandise trader and the 5th largest trader in commercial services.