EU and Philippines initial partnership, cooperation deal
Bloomberg News | Saturday, 26 June 2010
EU and Philippines initial partnership, cooperation deal
The European Union (EU) and the Philippines initialed on Friday in Brussels the text of a new partnership and cooperation agreement (PCA), following the successful completion of the negotiations on June 3. The formal signature of the agreement will follow later this year, once the necessary procedures have been completed on both sides.
The text was initialed by the two chief negotiators, European Commission’s Asia director James Moran and the Philippine ambassador to the EU, Enrique Manalo. EU Member States representatives in Brussels witnessed the ceremony.
EU High Representative for foreign affairs and security policy/ commission vice president Catherine Ashton welcomed the initialing of the agreement:
“This agreement is the first-ever bilateral comprehensive agreement between the two sides. The agreement will give us a framework which is fit-for-purpose for the 21st century. It will strengthen considerably the dialog, cooperation and action across the whole spectrum of our relations, specifically in the political domain, on trade and investment, justice and security, migration as well as on economic and development issues.”
The Philippines is the second Asean country to complete negotiations for a PCA with the EU following the signature of a similar deal inked with Indonesia in November 2009. Negotiations are underway with Vietnam, Thailand and Singapore.
The PCA is not a free-trade agreement (FTA). While it enhances cooperation in various trade matters, it does not include specific trade concessions by either party. However, should the EU and Philippines decide to negotiate an FTA, the PCA would facilitate its conclusion.
