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EU and Philippines reach substantial free trade agreement
The EU trade chief said the deal puts talks on a clearer path to a formal conclusion in the coming months.
The European Union and the Philippines announced a substantial free trade agreement after a decade of start stop negotiations, with talks starting in 2016, stalling a year later, and resuming in 2024.
According to SCMP Economy, EU trade chief Maros Sefcovic said the agreement reflects the ambition both sides brought to the table, following virtual talks with Philippine counterpart Cristina Roque.
The joint statement issued after the call said the arrangement sets the trade deal on a clearer path toward formal conclusion in the coming months, and both sides welcomed new opportunities for businesses, farmers, manufacturers, and consumers on both sides.