THE European Union (EU) should pursue a persistent trade agenda in Asia, noting that a future EU-Philippines free trade agreement (FTA) will define Sweden’s commercial ties with the country, a Swedish diplomat said.
Swedish Embassy First Secretary Karolina Zurek said the EU’s approach to trade is rooted in cooperation despite growing shifts in the global trading environment.
‘We are a union of 27 countries that have a common agreement about everything we do in trade relations. So I think we try to pursue a positive trade agenda,’ Zurek told reporters on the sidelines of the Kyiv-Manila Strategic Dialogues in Makati City.
The Philippines and the EU are continuing negotiations for a bilateral trade agreement, although Trade Secretary Ma. Cristina Roque earlier acknowledged that discussions have reached ‘a bit of a deadlock’ over one or two remaining issues.
Despite the remaining issues, Roque said both sides remain committed to concluding negotiations within the year and signing the agreement in 2027.
The EU was the Philippines’ fourth-largest trading partner in 2025, with bilateral goods trade reaching pound 17.6 billion ($20.13 billion), according to EU data.
Speaking specifically about Swedish companies, Zurek said they continue to look beyond market opportunities and place significant weight on governance and sustainability when deciding where to invest.
‘I think that from the perspective of Swedish firms, the important thing that they will be looking at is transparency,’ she said. ‘So transparent rules that are justly implemented, rule of law, but it will also be sustainability standards.’
Swedish companies also examine environmental and social standards throughout supply chains before expanding investments, she added.
‘As European companies, Swedish companies need to have an ambitious agenda when working with their value chain, so they will also look at what are the environmental and social standards in the Philippines in order to be able to conduct businesses here and do investments and feel confident with it,’ Zurek explained.
Data from the 2024 Philippine Market Report showed that Sweden exported $159 million worth of goods to the Philippines and imported $64 million, with bilateral trade rising 4.2 percent as exports and imports grew 4.6 percent and 4.1 percent, respectively.
The latest Swedish-Philippine Business Climate Survey showed that Swedish firms remain optimistic about the country’s growth prospects, but corruption concerns, regulatory hurdles and infrastructure gaps continue to dampen business confidence.