The European Chamber of Commerce of the Philippines (ECCP) said the Philippines can add impetus to free trade talks with the European Union by growing its green economy, reforming the power industry to lower electricity costs, and improving trade facilitation, as reported by BusinessWorld.
The ECCP emphasized that the Philippines’ commitment to green initiatives and renewable energy can serve as a strong basis for deeper economic engagement with the EU, which prioritizes sustainability in its trade agreements. Lowering electricity costs through power sector reforms is also seen as critical to improving the country’s competitiveness and attracting European investment.
Enhanced trade facilitation measures, such as streamlining customs procedures and reducing non-tariff barriers, are expected to complement these reforms. The chamber’s remarks come as the Philippines seeks to restart formal free trade negotiations with the EU, which have been stalled since 2017.