The European Free Trade Association (EFTA), composed of member economies Switzerland, Liechtenstein, Norway, and Iceland, concluded its 5th round of negotiations with the Philippines earlier this month. Prior to the negotiations, the DTI conducted eight consultations on a possible PHL-EFTA free trade agreement (FTA).
Usec. Rodolfo said that, with the nearing conclusion of the FTA negotiations, the government is developing a work program that will encourage and promote utilization of the free trade agreement so Philippine industries and sectors will be able to benefit from the opportunities and potential of the PH-EFTA FTA.
In 2014, the top Philippine exports to the EFTA Member States include gold in semi-manufactured forms, digital monolithic integrated circuits, aircraft parts, printed circuits, artificial teeth, and silver. On the other hand, Philippine imports from EFTA include medicaments, diagnostic or laboratory reagents, parts of airplanes or helicopters and wrist-watches.