MANILA – The European Chamber of Commerce of the Philippines (ECCP) has welcomed the proposal of the European Commission to extend the European Union (EU) Generalized Scheme of Preferences (GSP) regulation for another four years until 2027. ‘The ECCP welcomes the proposal of the European Commission to extend the EU GSP+ grant to the Philippines. The Philippines has indeed greatly benefited from such a scheme,’ the chamber said in a press statement Thursday. The ECCP said the EU GSP+, at 77 percent utilization rate, has helped Philippine exports to EU reached 2.93 billion euro, with top exports include crude coconut oil, tuna, pineapple and other agricultural products, among others. Furthermore, the business group reiterated the ‘urgency and importance of a timely and successful conclusion’ of the EU-Philippines free trade agreement (FTA) even the GSP+ benefits for the country could be extended for four years. ECCP executive director Florian Gottein also cited the chamber’s recent survey showing that European businesses operating in the Philippines have a ‘strong appetite’ for the resumption of EU-Philippines FTA negotiations and the conclusion of the trade deal. ‘Eighty-one percent of the respondents hold the conclusion of the EU-PH FTA talks of significant importance for their respective company and business strategies,’ Gottein said. The ECCP said an FTA between the EU and the Philippines will enhance trade and investment opportunities, economic diversification, improved competitiveness and openness of the market, better job creation, and innovation and technological advancements. ‘Such a deal would also help contribute towards achieving a greener, more inclusive, and sustainable Philippines,’ it added. (PNA)
Source: Philippines News Agency