Makati City, Philippines—On May 6, Department of Trade and Industry (DTI) Secretary Fred Pascual reaffirmed the Philippine government’s commitment to strengthening economic ties with the European Union (EU) through the EU-ASEAN Business Council (EU-ABC) during a courtesy call.

“Europe is one of the key markets for our trade promotions and missions. During these visits, we showcase diverse opportunities in manufacturing, research and development, renewable energy, infrastructure, and higher-value services,” said Secretary Pascual.

The Philippines has recently implemented the Regional Comprehensive Economic Partnership to further emphasize its dedication to regional economic integration. Additionally, the current administration expressed strong support for strengthening and renewing free trade agreements with the EU to unlock mutual economic avenues.

Both the DTI and EU-ABC recognized the shared responsibility of streamlining trade processes within ASEAN and between the regions to improve market access and reduce bureaucratic barriers. They also acknowledged that public and private partnerships are crucial in fostering inclusive growth and long-term prosperity.

“We aim to position the Philippines as a dynamic and attractive investment destination by creating an enabling environment for private sector expansion,” said Pascual.

“Your contributions to infrastructure development, sustainability initiatives, and investment in human capital are vital to boosting productivity and driving growth,” he added.

Department of Trade and Industry (DTI) Secretary Fred Pascual and European Chamber of Commerce of the Philippines (ECCP) President Paulo Duarte during a forum held on the sidelines of the EU-ASEAN Business Council (EU-ABC) courtesy call on May 6 in Makati City.

As part of the courtesy call, a forum was held where the DTI chief discussed with EU-ABC members the wide range of investment opportunities available in the Philippines. Meanwhile, EU-ABC members inquired about the Department’s plans and policies aimed at significantly improving the socioeconomic landscape of the Philippines. They also received the Secretary’s assurances of continued support for EU businesses operating in the country.

The EU-ABC is leading a trade mission to the Philippines that builds upon the success of their highly productive meetings in May 2023. This year’s mission will take place from May 6 to 9, in collaboration with the European Chamber of Commerce of the Philippines.  ♦

Date of release: 07 May 2024