The European Union (EU) expects exports of the Philippines to the trade bloc to exceed US $10 billion this year as a result of the preferential tariff access on its products, EU ambassador to the Philippines Franz Jessen said.
This is a significant increase of about 49 percent from the $6.76 billion exports in 2016.
In his speech at the EU-Philippines Business Summit at the Solaire Hotel yesterday, Jessen said the Philippines is enjoying, as never before, increased access to the EU’s vast market.
He added the strong growth can be seen in sectors benefiting from GSP+ trade preferences, such as agri-food.
“On agriculture, the EU is providing the best possible trade benefits for agri-food products,” Jessen said.
Exports in this sector from the Philippines to the EU reached nearly $973 million last year, he added.
“We expect export to EU to remain robust due to the stable economic in the EU with growth the highest since 2011, resulting in robust demand (for goods),” Ceferino Rodolfo, undersecretary of the Department of Trade and Industry.
“EU continues to be as is growing its importance as a major trade partner for the Philippines,” Jessen said.
Source: malaya.com.ph
