Philippines, northern Europe free trade in effect soon

MANILA, Philippines — The free trade agreement between the Philippines and the European Free Trade Association (EFTA) will soon take effect after the country deposited the instrument of ratification with the government of Norway, the Department of Foreign Affairs (DFA) said yesterday.

DFA Undersecretary for international economic relations Manuel Teehankee led the delivery of the instrument of ratification from the Philippines to the Royal Norwegian embassy in Manila on Thursday.

Norwegian Ambassador Erik Førner received the instrument of ratification on behalf of the EFTA states.

Also present was Andrea Reichlin, the Swiss Federation ambassador.

Under Article 14.6 of the FTA, the government of Norway acts as the agreement’s depositary.

“The eventual entry-into-force of the agreement will provide a significant boost to economic activities between the Philippines and the EFTA states,” Teehankee said.

“Several companies have approached us to register their strong interest in the implementation of the agreement,” he said.

The EFTA is composed of Iceland, Liechtenstein, Norway and Switzerland.

The Phl-EFTA FTA is the Philippines’ second bilateral FTA.

It was ratified by President Duterte last Dec. 8 and was concurred with by the Senate on March 5.

Per the agreement, the FTA shall enter into force on the first day of the third month following the date on which at least one EFTA state and the Philippines have deposited their instrument of ratification, acceptance or approval with the depositary.