THE TRADE between the country and Europe is expected to booster following the approval of the Senate on Monday of the European Union (EU)-Philippines Partnership and Cooperation Agreement.

Walter Van Hattum, head of economic and trade section of EU Delegation to the Philippines, said on Tuesday during the Mindanao Business Briefing at Seda Abreeza Hotel that as of last year, the trade between EU and Philippines already increased by about 30%.

The Mindanao Business Briefing was organized by the European Chamber of Commerce of the Philippines and Prime Philippines.

The EU also retained for the Philippines the generalized scheme of preferences plus (GSP+) status, a policy that provides duty-free entry for 6,200 products from the country.

In a statement, the EU said: “Exports of the Philippines to the EU under GSP+ increased from EUR 584 million in the first half of 2015 to EUR 903 million in the first half of 2017. The largest increases in 2017 were registered including for animal products, fish and related products, prepared foodstuff, edible fruits, automotive parts, leather, textile and footwear.”

Hattum said the traders especially from Mindanao can avail of the opportunities to export agricultural products as they can trade at zero percent duty. He said the European market is bent on importing goods like cacao, coconut oil, fruits, processed meat and textile products.

The agreement with the country, he said, would also be for the partnership in improving the customs especially in line on the exportation of goods.

In EU’s statement, the EU-Philippines Partnership and Cooperation Agreement “will serve as a general framework to allow better collaboration between the EU and the Philippines in a number of crucial areas including in political, economic and development issues.”

The Philippines and EU established diplomatic relations in 1964.

“From the EU side, we will do everything to keep the relationship with the Philippines robust, dynamic and positive,” EU Ambassador Franz Jessen said in a statement.

Senator Loren Legarda said in her sponsorship speech that the agreement would serve as a solid platform for dialogue between the member countries of the union and the country. She said the union is also a major contributor the Mindanao Trust Fund, a development assistance program for the recovery of conflict-affected communities in the island.

“The EU also continues to prove to be a committed development partner. As of June 2017, the EU ranks 4th among sources of grants from official development assistance (ODA) and 8th among the combined sources of loans and grants of ODA.  The EU’s total ongoing ODA portfolio to the Philippines amounts to €190.48 million,” Legarda said.

This article was originally published on January 24, 2018 on mindanaotimes.net