EU and Philippines Reach Substantial Agreement on Free Trade Deal
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Deep tariff cuts would lower trade costs between the EU and the Philippines across machinery, transport equipment, medicines and agricultural goods, and strengthen supply-chain diversification including semiconductors, directly affecting European firms with sourcing, manufacturing or sales in the Philippines and busin…
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- European Commission Press CornerEU 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.