The Philippines continues to post strong trade surplus with countries in the European Free Trade Association (EFTA) the past two years despite the pandemic. The Philippines’ trade with EFTA — Iceland, Liechtenstein, Norway and Switzerland first turned from a deficit to surplus of 40.5 million eurosin 2019, a year after the free trade agreement (FTA) between them entered into force in 2018. Total trade between the Philippines and EFTA increased by 2.4 percent from 690 million euros in 2018 to 706 million euros in 2019.
The surplus further grew to 87million euros in 2020 and 111 million euros in 2021. At a bilateral meeting last week, the Philippines expressed to EFTA counterparts its interest to maximize the benefits of the FTA, citing its importance as a critical tool to help the economies recover and build back better in a post-pandemic scenario. Both sides recognized the need for continuous FTA advocacy initiatives including roadshows done in Cebu, Davao, and Manila, FTA webinar series, as well as business forums.