The Philippines and the European Union have moved closer to finalizing a free trade agreement after concluding the sixth round of negotiations, the Department of Trade and Industry announced.
Progress in Key Areas
In a statement, the DTI said both sides made progress in key areas of the proposed Philippines-European Union Free Trade Agreement, including trade in goods, services and investments. The negotiations also covered digital trade, government procurement, intellectual property, state-owned enterprises, energy and raw materials, competition policy, sustainability and good regulatory practices.
The EU is currently the Philippines’ fifth-largest trading partner, making the agreement a key component of the country’s trade strategy to expand access to major export markets.
Strategic Importance
DTI Undersecretary and Chief Trade Negotiator Allan Gepty described the proposed deal as one of the Philippines’ most strategically important trade partnerships. “This FTA represents a transformative opportunity for the Philippines, opening preferential market access to the EU’s single market of over 450 million consumers for Filipino goods and services while attracting European investment into key growth sectors such as renewable energy, infrastructure, advanced manufacturing and digital innovation,” Gepty said.
He added that the agreement would also strengthen the EU’s economic presence in Southeast Asia and help improve supply chain resilience while promoting sustainable development, labor standards and good governance.
Next Steps
Trade Secretary Cristina Roque said both parties are working to resolve the remaining technical and substantive issues ahead of the Chief Negotiators’ Round in Brussels scheduled from June 29 to July 3. “We are hopeful that both sides can work through the remaining technical and substantive issues … bringing us closer to concluding the agreement,” Roque said.
The DTI said the government remains committed to pursuing forward-looking free trade agreements to support economic growth, create jobs, attract investments and boost the country’s global competitiveness amid continuing global and regional uncertainties.
