EU and Philippines reach ‘substantial agreement’ on free-trade deal

• European Commission President Ursula von der Leyen and Philippine President Ferdinand Marcos Jr have agreed on a free-trade deal, marking a significant step forward in negotiations.
• Trade officials from both sides said the substantial agreement paves the way for formal conclusion of the deal in the coming months and instructed negotiators to finalise it quickly.
• The deal aims to deepen trade and investment ties, benefiting businesses of all sizes and sectors, and providing fair rules and greater predictability amid global economic volatility.

European Commission President Ursula von der Leyen said in a post on X on Sept 22 that she had spoken to Philippine President Ferdinand Marcos Jr and that they had just agreed on a free-trade deal.

European Commissioner for Trade and Economic Security Maros Sefcovic 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.

Roque and Sefcovic said they have instructed negotiators to finalise the deal as soon as possible.

Both sides said the deal 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 farmers, manufacturers and consumers, and provide fair rules and greater predictability. REUTERS