The European Union and the Philippines have reached a “broad agreement” in their negotiations for a free trade deal, the EU Commission announced on Tuesday. This agreement aims to deepen economic ties between the EU and this strategically important Southeast Asian partner. The accord was made public by Maros Sefcovic, the EU Commissioner for Trade and Economic Security, and Maria Cristina Aldeguer-Roque, the Philippine Minister of Trade, following a video conference. The final signing is scheduled to take place in the coming months.
The agreement is designed to facilitate stronger flows of trade and investment by improving the conditions for exporters, service providers, and investors on both sides. Removing tariffs and improving market access are expected to drive growth in bilateral trade. Specifically, the deal calls for the liberalization of over 94 percent of tariff lines, covering more than 97 percent of current bilateral trade.
Beyond duty reduction, the agreement covers crucial areas such as rules for public procurement, enhanced protection of intellectual property rights, and stipulations for digital trade. Furthermore, it includes ambitious sustainability commitments, making adherence to human rights and the Paris Agreement essential components of the partnership. The next stage for the EU and the Philippines will be to finalize the negotiations based on this consensus and nail down the technical details.
