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Trade bet PH, EU ‘great opportunity’
By Nidz Godino
“I think that will be great opportunity for Europe and for Philippines,” Spanish Institute for Foreign Trade (ICEX) Chief Executive Officer María Peña told reporters in a chance interview at sidelines of Philippines-Spain multilateral partnership event at the Fairmont Hotel in Makati City the head of Spain’s foreign trade and investment institute believes free trade agreement (FTA) between Philippines and the European Union (EU) is great opportunity for both sides.
“I am really convinced that free trade is the best way to spread wealth, to create wealth, and to have better opportunities for all of us to create good employment and reinforce economic base of both parts,” she said.
Peña explained further free trade agreements between EU and Philippines, as Spain is a member state of EU.
“What’s important for free trade agreements is we can open markets, we can have more space for cooperation between companies, between both private and public sectors and we can create base for new business opportunities for both sides,” she said.
Peña stressed Philippines is an interesting market for Spain and for Europe.
“The Philippines is an interesting market for us and I’m sure that Europe can be very interesting market for the Philippines… I think this is going to be win-win agreement, so let’s move forward,” she said.
Meanwhile, according to the Spanish embassy’s economic and commercial counselor, Silvia Torices, Philippines joining Regional Comprehensive Economic Partnership (RCEP) is “positive outcome” for the country.
“It’s definitely positive outcome, especially for Philippines,” Torices told reporters. “Numbers say that Philippines is going to be, together with Vietnam, the second most benefited country with RCEP, so it can build positively for integration of Philippines into global trade system.”
Peña said for Spain’s side, it is a great opportunity to remove barriers.
“Integration between countries in the region is going to be good opportunity also to face this competition and competition is always good; it’s good for companies and it’s good for the population… what we have to have or need is to be prepared for it because competition means battle, and so companies can have different opportunities but I’m sure result will be positive for markets and for all trade partners you may have, in Spain and in Europe,” she concluded.
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