EU and Philippines Reach Substantial Agreement on Free-Trade Deal
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EU and Philippines Finalize Substantial Free-Trade Agreement for Stronger Ties
Key Developments in the EU-Philippines Free-Trade Agreement
High-Level Talks and Announcements
Sept 22 (Reuters) – European Commission President Ursula von der Leyen said in a post on X on Tuesday that she had spoken to Philippine President Ferdinand Marcos Jr. and that they had just agreed on a free-trade deal.
Joint Statement from Trade Officials
Path Toward Formal Conclusion
• European Commissioner for Trade and Economic Security Maroš Šefčovič and Philippine Trade Secretary Ma. Cristina Roque said in a joint statement the substantial agreement reached on a free-trade deal puts negotiations on a clear path toward its formal conclusion in the coming months.
Instructions to Negotiators
• Roque and Šefčovič said they have instructed negotiators to finalise the deal as soon as possible.
Expected Impact of the Free-Trade Agreement
Strengthening Bilateral Ties
• Both sides said the deal will deepen bilateral trade and investment ties, making them more diversified and resilient amid global volatility.
Opportunities for Stakeholders
Business and Economic Benefits
• The FTA is expected to open new opportunities for businesses, including MSMEs, as well as farmers, manufacturers and consumers, and provide fair rules and greater predictability.
Reporting Credits
(Reporting by Rajveer Singh Pardesi in Bengaluru and Karen Lema in Manila; Editing by Jacqueline Wong and John Mair)
