BRUSSELS, Sept 22 (Bernama-dpa) -- The European Union and the Philippines have reached broad agreement on a free trade deal, the European Commission said, with negotiations expected to conclude in the coming months.
"I am proud to say we have delivered a substantial agreement that reflect the ambition both sides brought to the table," EU Trade Commissioner Maroš Šefčovič said on Tuesday, reported German news agency dpa.
The deal "does not just remove barriers to trade and investment – it builds a modern, forward-looking partnership between the EU and the Philippines, one that will open new opportunities for our exporters and investors, strengthen our supply chains and deepen bilateral economic ties for years to come," Šefčovič said.
The EU and the Philippines traded goods worth €17.6 billion (US$20.2 billion) in 2025 and services worth €10.3. billion in 2024, according to EU figures.
The Philippines, with its population of 113 million, is an important market for EU exporters, the commission stressed.
The deal is expected to liberalise 97 per cent of bilateral trade, including the EU's industrial and key agricultural exports, the Commission said.
European exports include large quantities of machinery, transport equipment, pharmaceutical products and medical devices.
The agreement is also expected to clarify rules on government procurement and improve the protection of intellectual property rights.
--BERNAMA-dpa
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