Manila ratifies PH-EFTA trade deal
Manila agrees to ratify the free trade agreement between the Philippines and the European Free Trade Association that gives the former duty-free access to markets including Iceland, Norway, Liechtenstein and Switzerland.
Voting 19-0, the Senate approved Resolution 64, sponsored by foreign relations committee chair Loren Legarda, which would allow Philippine-made industrial, agri and fishery products to have a strong foothold in the European markets — both in EU and EFTA.
Besides goods, Manila also stands to gain from easier market access in services, investment, government procurement, intellectual property rights, competition and sustainable development.
EFTA member countries, on the other hand, will enjoy duty-free access to Philippines’ for its industrials and fishery products, as well as temperate fruits, mineral and aerated waters, food preparations, chocolate, cheese and wine, among others.
The agreement was ratified by President Rodrigo Duterte on December 2017.