EFTA and the Philippines hold trade promotion seminars

Published 09-11-2018
EFTA delegates and representatives from the Philippines at the trade promotion seminar in Manila
The EFTA – Philippines Free Trade Agreement (FTA) entered into force for the Philippines, Liechtenstein, Norway and Switzerland on 1 June 2018. In this regard, EFTA and the Philippines jointly held a series of trade promotion seminars to introduce the provisions of the FTA and the opportunities it provides. The seminars were held on 5 November in Cebu, on 7 November in Davao and on 9 November 2018 in Manila. There is great interest in the new FTA and the seminars were well attended with a total of about 300 participants from private companies and government authorities.

EFTA speakers and experts presented the technical and practical aspects of accessing the markets in the EFTA States, with a focus on the opportunities created by the FTA for Philippine producers and exporters. Topics covered were customs issues such as rules of origin, proofs of origin and the verification procedure as well as other issues in connection with trade in goods, namely sanitary and phytosanitary requirements and technical standards. Furthermore, experts explained the approach to agricultural products in the FTA. Presentations were also made on how to export to EFTA States and what producers should keep in mind when exploring export opportunities.

During the subsequent roundtable discussions, in which companies already exporting to the EFTA States took active part, participants in the seminar had the possibility to exchange points of view and ask questions about exporting to the EFTA States.

EFTA as a trade partner

With a combined population of over 14 million and a combined GDP of USD 1.1 trillion in 2017[1], the four EFTA States score among the highest in the world in competitiveness, wealth creation per inhabitant, life expectancy and quality of life. They have a strong performance in several sectors such as in pharmaceuticals, seafood, financial and maritime services, and industrial products. In addition to being highly integrated into the EU internal market, the EFTA States have a network of 28 FTAs with a total of 39 partners outside the European Union.

The Philippines as a trade partner

The Philippines is amongst the fastest growing economies in Asia with over 100 million consumers and a GDP of USD 314 billion in 2017. Between 2012 and 2017, the GDP growth of the Philippines was at least 3 percentage points above the world’s average GDP growth. In 2017, the Philippines’ GDP growth was 6.7% while the world’s average GDP growth was 3.2%[2]. In addition to the EFTA free trade agreement, the Philippines have preferential trade agreements with the ASEAN Member States, Japan, China, South Korea, Australia, New Zealand and India[3].

EFTA-Philippines

 

Merchandise trade (excluding gold and precious metals) between the EFTA States and the Philippines has increased by 2% between 2012 and 2017. During the same period of time, imports (excluding gold and precious metals) from the Philippines to the EFTA States have increased by 45%[4]

In 2017, total merchandise trade between the EFTA States and the Philippines was valued at USD 900 million, with EFTA’s exports to the Philippines amounting to USD 384 million and exports from the Philippines to the EFTA States reaching USD 516 million[5].

EFTA’s key exports to the Philippines were pharmaceuticals, clocks and watches, and machinery and mechanical appliances while EFTA’s imports from the Philippines mainly consisted of precious metals, electrical machinery, and machinery and mechanical appliances.



[1] Eurostat Data

[2] World Bank Data

[3] Republic of the Philippines, Department of Trade and Industry

[4] Global Trade Tracker

[5] Global Trade Tracker

 

 

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