TO ENABLE Filipino companies to gain a big share of the European market, the Philippines and Europe must work on “modern” partnership and trade agreements, an official of the European Union (EU) said.
“The Philippines should not lose any time. You have to move forward with the same speed as others,” said Ambassador Alistair MacDonald, head of delegation of the European Commission to the Philippines.
MacDonald noted that as of now, there is no direct cooperation and trade agreement between the Philippines and the EU, although the former is a signatory in the 1980 European Union-Asean Cooperation Agreement.
What is needed is a modern agreement that fits into the demands of the 21st century, Macdonald told reporters in the sidelines of the opening of the 10th Cine Europa last Friday at the Laguna Garden Café.
MacDonald said the EU and the Philippines must negotiate a partnership and cooperation agreement that allows dialogue among economic partners. He added that the agreement should touch on economics, politics, energy, environment and migration
FTA
He also called for a free trade agreements (FTA) that will “pave the way for a much stronger EU-Philippines link in commercial, political and economic relations.”
MacDonald said the EU is now in talks with Singapore and other Southeast Asian countries for possible signing of FTAs, thus “the Philippines must work harder and not be left behind.”
He said Europe—being the largest source of outsourced foreign direct investments in the world today—is now showing “considerable interests” in the Asian region.
Significant EU investments to the country are expected in the fields of energy, banking, tourism, electronics and the business process outsourcing sectors, said MacDonald.
However, “insufficient familiarity” of the Philippines and the EU with each other has hampered this impending development, he said.
“You (Philippines in general) see the potential but you have not fully exploited it,” MacDonald said.
This is why he said major steps to formally open trade and cooperation investments between EU and the Philippines will play an important role to hasten economic growth.
In the press interview, MacDonald also talked about prospects of the Philippines, and Cebu in particular, as a tourism destination among Europeans, demand for Philippine furniture, and the revision of certain government policies to make the country “investor-friendly.”
The EU is composed of 27 member-countries with the addition of Romania and Bulgaria this year. It has a combined population of 488 million people. (MMM)
