EU and Philippines Reach Substantial Agreement on Free Trade Deal

European Commissioner Šefčovič announced a substantial breakthrough in the EU-Philippines free trade agreement talks. Both sides agreed to liberalise over 94% of tariff lines, covering more than 97% of goods. The EU already exports over EUR 8 billion a year to the Philippines in machinery, transport equipment, medicines and agricultural goods; bilateral goods trade is nearly EUR 18 billion and services trade over EUR 10 billion. Negotiating teams are tasked with formally concluding the agreement in the coming months.