EFTA wants Phl free trade deal enforced soon

The European Free Trade Association (EFTA) member states are calling for the immediate enforcement of the free trade agreement (FTA) between the group and the Philippines to allow both parties to start utilizing the benefits of the deal.

A delegation from the EFTA Parliamentary Committee early this month visited the country to promote and support trade cooperation.

The EFTA said the ratification process of the FTA signed with the Philippines in April this year, was high on the agenda of the committee’s visit to Manila.

“With the agreement now signed, our meeting can hopefully contribute to its swift ratification, in which our respective parliaments play an important role,” Svein Roald Hansen, EFTA head of delegation and Norwegian Parliament member said.

The FTA agreement with the Philippines would enter into force after completion of the necessary internal procedures for ratification by the parties involved.

During its three-day visit in the country, the delegation met with the Senate, the House of Representatives, and representatives of the Department of Trade and Industry.

“We are very pleased with the ambitious agreement that our governments have agreed on, and hope that it will enter into force rapidly in order to fulfill its economic potential,” Hansen said.

According to the EFTA, the Philippines as “one of the most dynamic economies in the East Asia region” with a growth rate of over five percent in the past decade, is an important part of the group’s outlook to new and fast-growing markets.

Over the last years, the group said trade in goods between the EFTA states and the Philippines has remained stable and was worth almost $850 million in 2015.

EFTA member states are composed of Iceland, Liechtenstein, Norway and Switzerland.

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

EFTA currently has 27 FTAs covering 38 countries which makes it one of the largest free trade networks in the world.

The FTA with the EFTA member states would allow the Philippines to attract more investments from the group’s member economies as well as encourage trade.

In terms of investments, the Philippines is expected to benefit in terms of skills and know-how exchange with many EFTA companies engaged in the manufacture of high-technology type of products.

The FTA is also seen to open markets for the country’s products such as garments, shoes, electronics and agricultural goods.