MANILA, Philippines - The government is looking to start consultations with stakeholders for the country’s potential free trade agreement (FTA) with the European Union (EU) after a study to assess the benefits of the upcoming deal is completed in August, a trade official said.
The Philippine Institute for Development Studies (PIDS) is currently working on the study that will look into the benefits of having a free trade agreement (FTA) with the EU.
“It (PIDS study) will be finalized in August. The experts are finalizing the studies. After that, we’ll have to go with wide consultations,” Trade Undersecretary Adrian Cristobal, Jr. told reporters.
He said the Trade department, however, has already started consultations with other government agencies on the trade deal being eyed.
Earlier this month, the Philippines and the EU signed the Partnership Cooperation Agreement (PCA), a precondition to the bilateral trade agreement.
The PCA seeks to strengthen the bilateral ties between EU and the Philippines through cooperation in the areas of trade and investment, fighting terrorism and promoting human rights, among others.
Last year, the first round of consultations on the prospective FTA were undertaken with the private sector to determine the sensitive issues in the deal.
Cristobal said the first round of consultations held last year, however, were very general.
He said the second round of consultations to be conducted will cover more issues because it will include the potential benefits cited by the study conducted by the PIDS.
According to data from the Delegation of the EU to the Philippines, trade between the Philippines and the EU reached 9.1 billion euros last year.
In 2007, the EU initially proposed to have a comprehensive FTA with the Association of Southeast Asian Nations (ASEAN).