WELLNESS IN BUSINESS: Philippines pursues Free Trade Talks with European bloc

BusinessWorld | Philippines pursues free trade talks with European bloc: "FORMAL TALKS for a free trade agreement (FTA) between the Philippines and the European Free Trade Association (EFTA) are expected to start this year, with Philippine officials noting “strong complementarities” between the economies of negotiating parties.
In a statement yesterday, the Department of Trade and Industry (DTI) said the Philippines and EFTA member countries -- Switzerland, Iceland, Liechtenstein, and Norway -- signed last June 23 a joint declaration of cooperation (JDC) that paves the way for free trade talks.

The department said the parties agreed in Reykjavik, Iceland, that “a scoping paper containing the principal terms of references for the scope and the process of the negotiations is due in September for consideration, with a view of launching negotiations before the end of 2014.”

Trade and Industry Secretary Gregory L. Domingo said the agreement “paves the way for enhanced relations between the Philippines and EFTA.”

“The opportunities for both sides are tremendous -- the Philippines could benefit from the technologies of the EFTA states while EFTA stands to benefit from the economic growth story of the Philippines,” he said.

“[T]here appears to be a bright future for this agreement, hence, the Philippines would like to pursue it with vigor.”
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