THE European Union said that the Philippine exports to their country are expected to help the generalized scheme of preference (GSP) with the trade deal being extended for 4 more years.

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

For his part, Trade Secretary Alfredo Pascual revealed that both the European Parliament and the European Council had backed the continuation.

With the GSP+, some 6,000 locally produced products were allowed to the EU, duty-free.

Veron said that both countries "are jointly exploring the possibility" with the resumption of negotiations for a free trade agreement (FTA).

In July, President Ferdinand R. Marcos Jr  had said that the Philippines will be working with the EU to be able to restart the FTA negotiation.