Philippines and the European Free Trade Association (EFTA) countries have agreed to push for more trade to improve utilization of the free trade agreement (FTA) stressing the FTA as a tool for economic recovery after the pandemic.
GENEVA, Switzerland — Philippines and the European Free Trade Association countries have agreed to push for more trade to improve utilization of the free trade agreement stressing the FTA as a tool for economic recovery after the pandemic.
During the talks, Rodolfo highlighted the country’s improving utilization rate of the FTA to 31 percent in 2020 from 30 percent in 2019. On the FTA Business Guide/Online Webtool, the EFTA also said it is now working to develop the online webtool business guide. DTI and EFTA will continue working on it, with a target of launching possibly this year, said Rodolfo.
But there was a notable six percent decline in the Philippines’ for FTA eligible exports in the 2019-2020 period and four percent decline in FTA-utilized exports.
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