EU and Philippines Announce Significant Progress in Free Trade Agreement Negotiations
The European Union and the Philippines announced reaching a fundamental agreement to conclude a free trade deal, a move aimed at boosting investments and economic cooperation between the two sides.
Translated by Qiyas from كونا — Original source
Brussels, September 22 (KUNA) -- The European Union and the Philippines announced on Tuesday that they have reached a substantive agreement paving the way for the formal signing of a free trade agreement between the two sides in the coming months. In a joint statement following a video call, European Commissioner for Trade and Economic Security Maroš Šefčovič and Philippine Trade Secretary Cristina Roces said the two sides “have reached a substantive agreement on the free trade agreement, marking an important milestone for both parties.” The statement added that the announcement came after a video call between the two sides, noting that the agreement places negotiations on “a clear path toward their formal completion in the coming months.”
On her part, European Commission President Ursula von der Leyen said she held a phone call today with Philippine President Ferdinand Marcos Jr., during which she welcomed the positive outcome of the negotiations and commended the efforts and commitment demonstrated by the negotiating teams led by European Commissioner Šefčovič. Von der Leyen emphasized that the agreement would deliver mutual and tangible benefits, including new opportunities for businesses, increased investment, and the creation of more jobs, as well as support for shared priorities in sustainable development, the green transition, and digitalization. She stressed the importance of cooperation with like-minded partners around the world to ensure open, fair, and predictable trade in light of current global geopolitical and economic challenges. She added that the agreement carries significant symbolism, especially ahead of the 50th anniversary of relations between the European Union and the Association of Southeast Asian Nations (ASEAN) next year, expressing her hope for the signing of a free trade agreement with the Philippines in 2027.
The EU and the Philippines began free trade agreement negotiations in 2016, which stalled after a year before resuming in March 2024. The progress in negotiations comes as the EU seeks to strengthen its trade relations with international partners and diversify its economic partnerships amid shifts in global trade since 2025. (End) A.R.N. / F.D.S.
