MANILA - Philippine exports to the European Union will continue to benefit from the generalized scheme of preference (GSP) after the trade deal was extended for 4 more years.

EU Ambassador to the Philippines Luc Veron said the GSP rollover was signed "securing stability for Philippine exports until 2027."

Trade Secretary Alfredo Pascual earlier said both the European Parliament and the European Council backed the extension.

Under the GSP+, over 6,000 locally produced products are allowed for duty-free export to the EU.

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The envoy also added that the EU and the Philippines "are jointly exploring the possibility" of the resumption of negotiations for a free trade agreement (FTA).

President Ferdinand Marcos Jr in July said the Philippines would work with the EU to restart the FTA negotiation.

Pascual also earlier said that an FTA with the EU is in line with the Philippines' goal of becoming an upper-middle-income country. A country considered as such is no longer eligible for the special incentive awarded by EU to "vulnerable" countries, the DTI said.

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