Ushering in a new era of PH-EU relations

The bilateral meeting between Philippine President Ferdinand R. Marcos and European Commission (EC) President Ursula von der Leyen has set the stage for a new chapter in the relationship between the Philippines and the European Union (EU).

Held in Malacañang, the meeting was considered productive, reinforcing the shared desire to rekindle and strengthen ties once more. The President expressed optimism about the relationship and relayed to President von der Leyen that he considers the Philippines and EU as “like-minded partners united by shared values of democracy, sustainable and inclusive prosperity, the rule of law, peace and stability, and human rights.”

One of the significant outcomes of the meeting was the signing of a bilateral agreement on the “Joint Declaration of the Green Economy Program.” The agreement solidifies Europe’s role in supporting the country’s transition to a circular economy and the generation of green energy. A grant worth 60 million Euros will be provided to aid the Philippines in areas such as circular economy practices, renewable energy projects, and climate change mitigation.

The EC’s Team Europe Initiative on Green Economy will complement these efforts by providing expertise, training, and technology transfers to empower local communities. With a focus on sustainable plastic value chains and reducing plastic waste and marine litter, the initiative aims to develop a circular economy policy in close cooperation with local authorities.

The EU’s support goes beyond green technologies as it is putting resources in our country’s capacity to fight climate change. In fact, as part of the Global Gateway strategy, the 27-member EU will “contribute approximately half a billion Euros to support the Philippines’ fight against climate change,” and this investment will “provide the access to expertise and technologies, boosting the country’s efforts in addressing climate concerns.”

President von der Leyen expressed enthusiasm in partnering with the Philippines on its journey toward a cleaner and greener future. “We want to partner with you on this path. Notably with a team Europe initiative on the green economy that we just signed here,” she said.

Furthermore, one of the positive outcomes of the meet was the agreement to resume talks on the Free Trade Agreement (FTA) between the Philippines and the EU. The FTA, once established, is expected to enhance economic ties and take trade relations “to the next level.”

“The EU is already your fourth largest trading partner, and we are the first foreign investor. But we can do so much more. So, I’m very glad that we have decided to relaunch negotiations for a free trade agreement,” von der Leyen said.

The proposed chapters of the Philippines-EU FTA encompass a comprehensive array of topics, including trade in goods, rules of origin, customs and trade facilitation, trade in services, investments, intellectual property rights, etc. The FTA holds immense potential for both regions, fostering economic growth and creating employment opportunities. It is targeted that formal negotiations will start in 2024.

As the Philippines and the EU embark on this renewed journey of cooperation, it is crucial to recognize the significance of this partnership in tackling global challenges collectively. A new era of PH-EU relations will be mutually beneficial, more so for our country as we build toward a sustainable, inclusive, and prosperous future. May this partnership set a good example for the world!

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Credit belongs to: www.mb.com.ph