EU and Philippines reach 'substantial agreement' on free trade deal
The European Union and the Philippines have reached substantial agreement on the core terms of a free trade deal, though further negotiations will be needed in the coming months to formally conclude it.
A readout of a phone call between European Commission President Ursula von der Leyen and the Philippine leader described the two sides as being "about to conclude" talks on a free trade agreement, suggesting the process is not yet fully finished.
In a separate statement, EU Trade Commissioner Maroš Šefčovič and Philippine Trade and Industry Minister Maria Cristina Aldeguer-Roque said the two sides had reached "substantial agreement," setting the deal on a clear path toward formal conclusion in the coming months.
Some confusion arose on Monday when Šefčovič skipped a planned visit to Manila, holding a video call with Aldeguer-Roque instead. The European Commission described the call as "very focused and productive." While a finalized deal had not been expected during the planned visit, business representatives had hoped for a political signal that both sides were ready to wrap up negotiations.
Most negotiating chapters were closed before von der Leyen's announcement, made in the early hours of Tuesday European time. Talks on public procurement, however, are still ongoing.
Complicating the final stage of negotiations is a proposed EU industry law that would restrict access to public procurement in green and energy-intensive sectors for countries that lack procurement agreements with the bloc — a category that currently includes the Philippines.
