MANILA -The Philippines on Wednesday cheered the proposal by the European Commission to extend by four years the current Generalized Scheme of Preferences Plus (GSP Plus) program, a move seen benefiting 65 countries, which includes the Philippines.
The Department of Trade and Industry (DTI) said it welcomes the extension, with Trade Secretary Alfredo Pascual saying that it would be a significant boost for local exporters.
“It will enable them to maintain their competitive edge in the EU market and expand their trade volumes. This development reinforces our commitment to strengthen our trade relations with the European Union,” Pascual said in a statement.
“With the extension of the GSP, it opens up tremendous opportunities for the Philippines to strengthen trade relations with the EU. We will seize this opportunity and work toward maximizing the benefits for our exporters and the overall economic development of our country,” he also said.
The Philippines’ inclusion to the EU GSP Plus scheme sees the country enjoy zero duties for more than 6,000 covered products until the end of 2023.
According to DTI, the Philippines has 2.03 billion euros ($2.21 billion) worth of exports under the EU’s GSP+ scheme as of 2021, which accounts for a 26 percent-share of GSP exports to total exports.
Major exports under this scheme include crude coconut oil, as well as prepared or preserved tuna and pineapple.
Vacuum cleaners, spectacle lenses, new pneumatic tires of rubber, relays for voltage, bicycles and other cycles, footwear and industrial fatty alcohol are included in this list.
The Philippines eligibility has been brought into question under the administration of former President Rodrigo Duterte, stemming from criticism of his brutal war on drugs.
Part of the eligibility requirements under the GSP plus is that recipient countries comply with 27 international core conventions which touch on human rights, labor, environment and good governance.
-CSN
Your subscription could not be saved. Please try again.
Your subscription has been successful.
Read Next
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.
For feedback, complaints, or inquiries, contact us.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
