Philippines signs free trade pact with 4 European nations

ABS-CBN News

Posted at Apr 29 2016 03:48 PM

The Philippines signed a free trade agreement with the European Free Trade Association to grow trade that has amounted to $863 million last year, the Department of Trade and Industry (DTI) said Friday.

Two-way trade between the Philippines and the EFTA, which includes Iceland, Liechtenstein, Norway and Switzerland, grew at an average of 11 percent between 2005 and 2015, the DTI said in a statement.

The EFTA exports medicine, watches and machinery to the Philippines, while the Southeast Asian nation exports electrical equipment, precious metals and medical instruments to the European bloc, it said.

Trade Secretary Adrian Cristobal signed the agreement on behalf of the Philippine government in Bern, Switzerland on Thursday, it said.

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