Estonia and Bulgaria were the first countries to ratify the recent trade agreement reached between the Philippines and the European Union, with the Philippines expected to follow suit soon.

According to Foreign Affairs Secretary Albert del Rosario, the Philippines is just completing internal requirements for the Partnership Cooperation Agreement (PCA) and assured leaders of the European Chamber of Commerce in the Philippines (ECCP) that it “shall soon be submitted to the President for ratification.”

PCA seeks to facilitate trade and investments, improve cooperation on political and security as well as migration.

Del Rosario said the ratification of the PCA by the Philippines and the 27 EU members will pave the way for the negotiations of a Free Trade Agreement that will boost trade and investments for both parties.

Del Rosario and Lady Catherine Ashton of the European External Action Service signed the PCA at the sidelines of the Asean Regional Forum in Phnom Penh, Cambodia last July.
He said the Philippines is seriously considering the European market for  increasing trade and investments as well as tourism.

“The PCA is a building block towards the realization of more intensified cooperation, such as the negotiation of a Free Trade Area with the EU, which, even before the PCA has come into force, has already been accepted by the Philippines in principle as a viable way to increase trade between us,” said Del Rosario in his speech at the luncheon briefing of ECCP on Thursday held at the New World hotel.

Del Rosario welcomed Europe’s keen interest towards increasing trade and investments with Southeast Asian countries through high profile visits this year including French Prime Minister Jean-Marc Ayrault, Spain’s Queen Sofia

He said various European companies in the country have announced further investments and expansion that reflects confidence on the robust economic growth of the country.
Del Rosario welcomed the inauguration this year of Lufthansa Technik Philippines, with its  US$ 30 million maintenance hangar, its third in the Philippines as well as the opening by Nestle Philippines of a new 5-billion peso manufacturing facility in Batangas.

He said Switzerland’s Holcim Cement also announced its US$450 million expansion of its operation in the Philippines while B/E Aerospace has opened its facility in Batangas to cater to the increasing needs for aircrafts in Southeast Asia. — KBK, GMA News

Source: GMA News.tv; News; 14 December 2012