The EU and the Philippines have reached a substantial agreement on a free-trade deal, with formal conclusion expected in the coming months.
European Commission President Ursula von der Leyen said in a post on X on Tuesday that she had spoken with Philippine President Ferdinand Marcos Jr. and that the two sides had agreed on a free-trade deal. European Commissioner for Trade and Economic Security Maroš Šefčovič and Philippine Trade Secretary Ma. Cristina Roque said in a joint statement that the substantial agreement reached puts negotiations on a clear path toward formal conclusion in the coming months.
Roque and Šefčovič said they had instructed negotiators to finalise the deal as soon as possible. Both sides said the agreement would deepen bilateral trade and investment ties, making them more diversified and resilient amid global volatility. The free-trade agreement is expected to open new opportunities for businesses, including MSMEs, as well as farmers, manufacturers and consumers, while providing fair rules and greater predictability.
Source: Reuters
