The looming free trade agreement (FTA) between the Philippines and the European Union (EU) is seen to greatly boost operations of the Aurora Pacific Economic Zone and Freeport Authority (APECO).
“The renewed push for the PH-EU free trade agreement strengthens APECO’s position as a future transshipment hub for our trade partners, especially from Europe. With our strategic location along the Pacific corridor, we offer a direct and efficient gateway for European goods entering the ASEAN market and vice versa,” APECO president and chief executive officer Gil Taway IV told the Philippine News Agency Thursday.
Taway made the remarks following his meeting with Spanish Ambassador to the Philippines Miguel Utray Delgado and La Cámara Executive Director Ascension Lillo-Martin during the 23rd Philippine-Spanish Friendship Day celebration in Baler, Aurora, on July 7, where they discussed APECO’s investment promotion mission to Spain and Portugal set for November.
He was optimistic about attracting investors given the promotion agency’s location and its development-ready sites for investments in infrastructure, tourism, agriculture, fisheries, renewable energy, logistics, and defense.
Last June, representatives from the Philippine government and the EU held the third round of FTA negotiations in Brussels, Belgium, following earlier meetings last October and February this year.
This, as authorities recommenced initial negotiations, held in May 2016 and February 2017, which were stalled due to EU’s concerns on humanitarian issues in the Philippines at that time.
EU is the Philippines’ fourth-largest trading partner and a major source of foreign direct investments. (PNA)
