EU keen to hike bilateral trade, investment with PH

MANILA -- The European Union (EU) is keen to increase bilateral trade and investment with the Philippines to support its inclusive growth agenda crucial to poverty reduction.

EU Ambassador Franz Jessen said the bloc sees trade and investment as “answers to poverty and as tools for inclusive growth.”

“This positive agenda comes with an open dialogue to ensure that our partners reap the benefits of our trade relations. Doing business with Europe is about creating decent jobs, investing in skills and developing opportunities for small businesses,” he said during the EU-Philippine Business Summit on Tuesday.

Jessen noted the European economy is growing at a healthy rate of 2.4 percent, resulting in increased trade with the rest of the world, including the Philippines.

The ambassador said the Philippines is enjoying increased access to the EU's vast market especially with its Generalized Scheme of Preferences (GSP) Plus status.

Under the EU’s GSP+, 6,274 tariff lines are entitled to zero-duty when exported to the 28 EU member-countries.

Jessen said the EU is the second largest export market for Filipino exporters, with strong growth noted in sectors benefiting from GSP+ trade preferences, such as agri-food.

“In this context, the EU continues to be as is growing its importance as a major trade partner for the Philippines. Our bilateral relations will continue to support the Philippines' development agenda,” he noted.

The ambassador further said the EU remains the largest provider of foreign direct investment in the Philippines.

“We create jobs, not only in Manila, but all over the country,” Jessen said.

“In trade and economics, size matters, living in Manila as most of us do, we welcome and are impressed by the growth figures here.  A growth rate of 6.5 percent signifies important economic opportunities,” he added. (PNA)