THE Philippines wants to fast-track its respective free trade agreements (FTAs) with the European Union (EU) and Chile.
“We hope to conclude the EU FTA by July,” Trade Secretary Cristina Roque told reporters on Wednesday. “Then we sign it next year, but [better] if we can sign this year.”
The sixth round of negotiations for the PH-EU FTA was held May 18 to 22 in Manila.
Negotiations began on Dec. 22, 2015, but took time to progress. Talks resumed March 18, 2024, in Brussels.
The deal could bring in $12 billion in additional export potential, the Department of Trade and Industry (DTI) said.
The FTA will also renew privileges for Philippine exports such as the EU GSP+ (Generalized Scheme of Preferences Plus) — a special European Union trade incentive program that grants zero-tariff access to the EU market for over 6,000 developing products.
Meanwhile, DTI is targeting its Comprehensive Economic Partnership Agreement (CEPA) with Chile signed this year, the country’s first FTA in Latin America.
“We want [to enter] the South American market,” Roque said.
The deal is seen to enhance economic cooperation and reduce trade barriers between the Philippines and Chile, promoting the exchange of goods, services, and investments via preferential access.
On the other hand, a preferential trade agreement (PTA) with India will conclude this year, Roque said.
The PTA reduces trade barriers for specific goods and services, specifically pharmaceutical products from India, Roque noted.
Another possible FTA with Paraguay is being studied, Roque said, following the recent two-day visit of Paraguayan President Santiago Peña Palacios.
Paraguay wants to be the hub of the South American market, even if its population is only 6.5 million, Roque said, adding that it wants to export beef, pork, and chicken.
In 2025, the country’s total trade with Paraguay amounted to $2.2 million, with Philippine exports at $1.9 million and imports at $322,400.
