PH, EU Reach Substantial Agreement on Free Trade Deal

The Philippines and the European Union (EU) on Tuesday announced a “substantial agreement” on a free trade arrangement. This was announced by Philippine Trade Secretary Ma. Cristina Roque and European Commissioner for Trade and Economic Security Maroš Šefčovič in a joint press statement. The FTA breakthrough came following a video call between the Roque and Šefčovič. With the substantial agreement reached, the Philippines-EU FTA is now set “on a clear path towards its formal conclusion in the coming months.” In a separate post on X (formerly Twitter), European Commission President Ursula von der Leyen said she already spoke to President Ferdinand Marcos Jr. “We just agreed on a EU-Philippines free trade deal! This comes just three years after my visit to Manila to relaunch the negotiations,” von der Leyen said. Both the EU and the Philippines highlighted that the FTA will deliver the following: Moreover, the negotiating teams of both the Philippines and the EU were instructed to finalize the agreement “as soon as possible.” —VAL, GMA News