PH, EU to resume FTA talks in Q3 2024

The Philippines and the European Union have agreed to resume formal negotiations for a Free Trade Agreement (FTA), with the next round of talks eyed for the third quarter of 2024.

Philippine Trade and Industry (DTI) Secretary Alfredo Pascual and European Commission Executive Vice President and Trade Commissioner Valdis Dombrovskis formally announced the renewed talks in Brussels.

The FTA aims to increase bilateral trade, building on the 18.4 billion euros in goods trade recorded in 2022, with projections suggesting it could expand trade by an additional 6 billion euros.

The agreement will also focus on sustainability and may unlock increased market access for Philippine products and services.

Formal talks on the EU-PH free trade deal have been on hiatus since 2017.

The EU is aiming for a comprehensive FTA with the Philippines that includes ambitious market access for goods, services, investment, and government procurement, supports the digital and green transitions by removing obstacles to digital trade, energy, and raw materials, and includes swift sanitary and phyto-sanitary procedures.

The agreement will also focus on sustainable food systems, intellectual property rights including Geographical Indications (GIs), and robust disciplines on trade and sustainable development in line with the Commission's TSD review Communication of June 2022, supporting high levels of protection for workers' rights, the environment, and ambitious climate goals.