European businessmen in the country have committed to play an active role in creating a bridge between the Philippines and European Union (EU) so they can come to terms and conclude their proposed bilateral free-trade agreement (FTA) in three years.

“The European Chamber of Commerce of the Philippines [ECCP] can blend with the two sides and aid in having both the EU and the Philippines negotiate, agree on parameters, address issues and eventually come to terms,” Henry Schumacher, ECCP executive vice president, said.

He said it is high time for the two parties to proceed to the negotiation table and start the scoping stage for the FTA.

With the ECCP assisting, he said a three-year timetable to get the FTA signed is “very realistic.”

The ECCP has close to 800 member-companies that are doing business across key cities in the country.

The Department of Trade and Industry (DTI) has already asked government think tank Philippine Institute for Development Studies to determine how the different sectors of the economy can benefit from the FTA.

The DTI is also in the midst of a nationwide consultation series with different stakeholders on the potential Philippines-EU FTA under the One Country One Voice program.

Foreign Secretary Albert del Rosario has already indicated the Philippines’s full commitment to move the FTA negotiations forward, make the necessary structural changes, and recruit the people for the implementation stage.

He noted that the Philippines will benefit from the Philippines-EU FTA on numerous fronts, particularly increased exchange of investments, goods and services, and visitors.

Del Rosario cited as an example the Philippines-Japan Economic Partnership Agreement.

“The agreement with Japan has resulted in them becoming the No. 1 foreign investor, No. 2 in tourist arrivals, and No. 1 in official development assistance. If the FTA with EU is signed, more European investors will come and do business here,” del Rosario said.

He noted that with the challenging times in Europe, European businessmen are now looking at emerging markets in Asia thereby placing the Philippines in a prime position to receive increased investments.

This year, del Rosario said the Philippine government is expecting to easily top the $10.40-billion trade between Europe and the Philippines in 2011.

Source: Business Mirror; The Economy; 21 December 2012