EU and Philippines Reach Substantial Agreement on Free-Trade Deal
The European Union and the Philippines have reached a substantial agreement on a free-trade deal, with negotiators told to finalise it soon.
The European Union and the Philippines have reached a substantial agreement on a free-trade deal, according to statements from leaders and trade officials on both sides.
European Commission President Ursula von der Leyen said in a post on X that she had spoken to Philippine President Ferdinand Marcos Jr. and that they had just agreed on the 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 puts negotiations on a clear path toward formal conclusion in the coming months.
The two officials said they have instructed negotiators to finalise the deal as soon as possible.
Both sides said the agreement will 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 micro, small and medium enterprises, as well as for farmers, manufacturers and consumers, and to provide fair rules and greater predictability.