BILATERAL TRADE AGREEMENT BETWEEN THE EU AND THE PHILIPPINES

 


TRADE RELATIONS BETWEEN EUROPEAN UNION AND THE PHILIPPINES

An agreement containing insights about the EU and the Philippines was framed long back on 22 December 2015 to conclude or decide upon the variety of issues that mainly curtails to tariffs and non-tariff barriers, trading of services and investments, sustainable development, and aspects of public procurement.

This agreement will certainly develop a key aspect of the relationship between the EU and the Philippines whose foundation would be laid on the EU-Philippines Framework Agreement on Partnership and Cooperation that came into force in the year 2018. Moreover, the EU is demanding and negotiating to form a Free Trade Agreement with the Philippines which would help both nations to associate with each other and perform trade practices frequently without any trade barriers. This will help in the easy inward and outflow flow of goods without any hurdles.

CURRENT TRADING SCENARIO BETWEEN THE EU AND THE PHILIPPINES

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Based on the statistics shared by the Philippines Trade Data for the year 2021, the total trade between the two amounted to 15.5 billion euros. On the other hand, the trade of services amounted to 5 billion euros in the year 2019.

·        If we talk about the FDI stock of the EU, then the Philippines have 14.5 billion euros worth of FDI stored within itself which originally belongs to the EU. This makes the EU the biggest foreign investor in the Philippines.

·        As per the Philippines Trade Data for the year 2021, the EU was the nation’s fourth biggest partner, which consists of almost 8% market share of total trade. In global terms, the Philippines is the 39th most favorite destination of the EU to perform trade.

·        As per the Philippines Import Data with regard to the EU nation, the major products exported to the Philippines are machinery, chemicals, food products, and motor spare parts. On the other hand, the major exports from the Philippines as recorded in the Philippines Export Data to the EU are telecommunication gadgets, food products, photographic items, and optical products.

FINAL VERDICT

In the end, we would just like to mention that the relationship between the Philippines and the EU nations is healthy and fruitful. Both nations work together collaboratively and are ready to sign a free trade agreement after mutual consent. As per our estimates, the Philippines Trade Data will be dominated more by the EU in the coming years and vice versa. Stay in touch with our reports for more updates on this topic and other topics as well.

Apart from the Philippines, we also provide information about Vietnam Trade Data and Turkey Trade Data also. Stay connected for more amazing content and insights like this.

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If you want further analysis and the best advice about the Turkey Import Data or Import-Export Data or Global Trade Data of any country, then contact TradeImeX® Info Solution Pvt Ltd. We are the market leaders who provide accurate and reliable trade data from more than 70 countries like the Vietnam Export Data and also sell customized databases to our clients which are highly designed and formed as per each client’s requirements.

To know more, connect with us over the mail at info@tradeimex.in or simply visit https://www.tradeimex.in/ and get in touch with us.


 

 

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