Duterte ratifies Phl, EFTA free trade deal

President Duterte has ratified the free trade agreement (FTA) between the Philippines and the European Free Trade Association (EFTA) and now seeks for the Senate’s concurrence.

The Philippines-EFTA FTA, which was signed on April 2, 2016, covers trade in goods, services, investment, government procurement, intellectual property rights, competition, and sustainable development.

EFTA is a regional trade bloc composed of Iceland, Liechtenstein, Norway, and Switzerland.

“After examining the text thereof, I find it advisable to ratify the free trade agreement between the EFTA states and the Philippines and seek the Senate’s concurrence thereto,” Duterte said in the signed rati- fication document.

Upon its entry into force, the FTA is expected to provide the Philippines duty-free market access to all industrial and fisheries products to the EFTA member states, with the Philippines benefitting from liberal rules of origin requirements to qualify for preferential treatment.

The EFTA member states made offers in all categories of services sectors in all modes of supply which present opportunities available to Philippine service suppliers for both skilled workers and professionals.

With a combined population of over 13 million and a combined gross domestic product of $1.2 trillion, the EFTA member states are the world’s ninth largest merchan- dise trader and the fifth largest trader in commercial services, as well as significant players in the area of foreign direct investment.

EFTA currently has 28 FTAs covering 38 countries which makes it one of the largest free trade networks in the world.

“We hope that it will be a priority because the Senate Committee on International Relations will have to squeeze it in on their legislative calendar,” Trade Undersecretary Ceferino Rodolfo said.

“After that, they will come out with a committee report and from within the committee, it will then go to the plenary and in the plenary they will be voting on the resolution,” added Rodolfo, noting that such process is being based on how the Philippines-Japan Economic Partnership Agreement (PJEPA) entered into force in 2008.

Prior to the PhilippinesEFTA FTA, the PJEPA is the country’s only bilateral FTA.

It was signed in Helsinki, Finland by former president Gloria Macapagal-Arroyo and former prime minister Junichiro Koizumi on Sept. 9, 2006.

The Philippine Senate concurred with the ratification of the PJEPA on Oct. 8, 2008 and the agreement officially entered into force on Dec. 11, 2008.

Senate Minority Leader Franklin Drilon earlier said the Philippines-EFTA FTA would be supported and prioritized as soon as the President ratifies the agreement and is sent to the Senate for its concurrence.