The Philippines and the European Union (EU) are expected to soon start the 'scoping process' of the extent of their free trade agreement (FTA) as the two sides agreed on Monday to resume negotiations on the said deal.
The Philippines and the European Union are expected to soon start the "scoping process" of the extent of their free trade agreement as the two sides agreed on Monday to resume negotiations on the said deal.
"If this process concludes successfully, and after consultations with the Member States, the EU and the Philippines would be in a position to resume FTA negotiations," it said in a statement.It said that the recent development with the Philippines "confirms the key importance of the Indo-Pacific region for the EU trade agenda," which would pave the way for deeper trade ties with another vibrant economy in Southeast Asia.
"Sustainability will also be at the heart of this agreement, with robust and enforceable disciplines on Trade and Sustainable Development . These will be in line with the Commission's TSD review Communication of June 2022, supporting high levels of protection for workers' rights, for the environment, and the achievement of ambitious climate goals," it added.
• "Trade in goods was worth over 18.4 billion euros in 2022, while trade in services was worth 4.7 billion euros in 2021;
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