EU and Philippines reach 'substantial agreement' on free-trade deal

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.

• 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.

• Roque and Šefčovič 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 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.

Reuters

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