Rather than wait for ASEAN to decide on whether to pursue free trade agreement with EU, the Philippines should commence negotiations for a bilateral FTA with EU, a study commissioned by the Universal Access to Competitiveness and Trade (U-ACT), the think-tank arm of the Philippine Chamber of Commerce and Industry (PCCI) said.

In a 400-page paper entitled “Merits to Philippine Business of Having a Bilateral Philippines-EU Free Trade Agreement (FTA),” the study indicates that pursuing a bilateral track with EU would be beneficial to Philippine industries.

It further states that “Philippine business cannot continue losing out on trade and investment opportunities with EU, especially when projections indicate substantial Philippine gains from an FTA are forthcoming.”

Since the time ASEAN-EU FTA was stalled in May 2009, some of the  ASEAN countries decided to take bilateral talks with EU. In July 2009, Indonesia has signed a partnership and cooperation agreement (PCA); Singapore, Thailand, and Vietnam are on the advance stages of negotiations, while Malaysia and Brunei are scheduled to begin talks with EU.