EU, Philippines agree on landmark free trade deal

European Commission President Ursula von der Leyen said on Tuesday that she had spoken to Philippine President Ferdinand Marcos Jr. and that they had just agreed on a free trade deal, Reuters reported.

The European Chamber of Commerce of the Philippines (ECCP) welcomed the successful conclusion of negotiations for the European Union–Philippines Free Trade Agreement (FTA).

The Philippines is only the third Association of Southeast Asian Nations (ASEAN) member country to conclude a bilateral free trade deal with the EU, after Singapore and Vietnam.

“The successful conclusion of these negotiations is a historic first for Philippine-European economic relations,” Diana Edralin, president of ECCP, said in a statement.

“After years of rigorous dialogue, we now have a world-class framework that establishes a predictable foundation for trade and investment. For the Philippines, securing this agreement as a pioneer in ASEAN demonstrates our economic resilience and readiness to compete globally.” — with Reuters