June 19, 2024

The Insider News

Direct from the source

Marcos tackling trade scheme with EU leaders

President Ferdinand R. Marcos Jr. is set to bring up the status of the Philippines’ European Union (EU) Generalized Scheme of Preferences Plus (GSP+), which provides developing countries with a special incentive to push for sustainable development and good governance programs.

The President made this remark when asked about his administration’s move after the country’s GSP+ status faced hurdles in February, following threats from the EU Parliament to temporarily hold trade privileges for the country amid allegations of human rights abuses and lack of press freedom.

“We’ll bring it up with the EU. I don’t think one thing should be related to the other but we’ll see,” Marcos said in an interview with the media onboard Flight PR 001.

The President and his high-level delegation will be meeting concerned officials of the European Commission, the European Council and the European Parliament to tackle the country’s EU GSP+ privileges.

The trade preference scheme allows the duty-free entry of over 6,000 products from the Philippines to the European Union, on the condition that the government upholds 27 international conventions on human rights, labor, environment and climate action and good governance.

Under the EU GSP+, the Philippines enjoys free tariff for 6,274 products entering the EU market.

The Philippines’ participation in the GSP+ will expire in December 2023.