07 May 2016 - On April 28 in Berne, Switzerland, the Philippines, through Trade Secretary Adrian S. Cristobal Jr. signed its Free Trade Agreement with the European Free Trade Association (EFTA) composed of Switzerland, Norway, Iceland and Liechtenstein.
Present during the signing was Philippine Ambassador to Switzerland and Liechtenstein Joselito A. Jimeno, together with the members of the Philippine and EFTA delegations.
With this signing and subsequent ratification by the parties, Ambassador Jimeno said the PH-EFTA FTA is expected to boost the flow of trade and commercial exchanges between the Philippines and EFTA countries.
The FTA has comprehensive coverage, including trade in goods (industrial and agricultural goods, fish and other marine products), rules of origin, trade facilitation, SPS, TBT, trade in services, investment, competition, protection of intellectual property rights, government procurement and sustainable development. A Joint Committee will oversee the implementation of the FTA. The Agreement will enter into force after completion of the necessary internal procedures for ratification by the Parties.
The following were the authorized signatories for the EFTA States:
During the signing ceremony, the Philippines and the EFTA States noted the close and significant economic relations between both sides. They underlined, that the signing of the FTA represented an important step in further strengthening this relationship.
The road to the PH-EFTA FTA
In November 2013, the Philippines formally sat down with the EFTA States and announced its interest to undertake negotiations for a Free Trade Agreement. This was followed by the signing in June 2014 of the Joint Declaration on Cooperation (JDC) which formalized the negotiation process.
A scoping paper was initialled by the parties on 24 November 2014 in Geneva, followed by five round of negotiations from March 2015 to February 2016, which subsequently culminated in the signing of the PH-EFTA FTA on 28 April 2016 in Berne, Switzerland.
EFTA as a trade partner
With a combined population of over 13 million and a combined GDP of USD 1.2 trillion, the EFTA States are the world’s 9th largest merchandise trader and the 5th largest trader in commercial services, as well as significant actors in the area of foreign direct investment. They now have 27 FTAs with a total of 37 partners outside the European Union.
Under the FTA, the DTI said the Philippines can directly supply some products that EFTA currently imports from ASEAN or from the rest of the world (e.g. frames and mounting for spectacles; parts of gas turbines; ball bearings; hydraulic power engines; babies’ garments; undergarments; dresses; fresh/ dried bananas; palm oil; fresh/dried guavas; mangoes and mangosteens; fresh/dried pineapples; ballasts for discharge lamps or tubes; gear boxes and parts; safety airbags; mattress supports for bed frames; tobacco refuse; vinegar and fermented vinegar; smoking tobacco; glycerol; seaweeds and other algae; juice of fruit or vegetables; and jams, jellies and marmalades). END
