European Union strikes a new free trade deal with the Philippines

On September 22, European Commission President Ursula von der Leyen and Philippine President Ferdinand Marcos Jr. announced a substantial agreement on a free-trade deal between the EU and the Philippines, aiming to deepen bilateral trade and investment ties. In a joint statement, Maros Sefcovic, European Commissioner for Trade and Economic Security, and Ma. Cristina Roque, Philippine Trade Secretary, confirmed that negotiations are now on track for formal conclusion in the coming months. The deal is expected to enhance economic resilience amid global volatility by opening new opportunities for businesses, including micro-, small, and medium enterprises, farmers, manufacturers, and consumers.

Maroš Šefčovič, the EU’s top trade negotiator, noted that the agreement seeks to grow the nearly 30 billion euros ($35 billion) of annual trade between the 27-nation EU and the Southeast Asian nation with a population of over 115 million people. This deal aligns with the EU's strategy to diversify its economy in light of persistent tensions with traditional trading partners like China, Russia, and the United States.