The European Union and the Philippines said Tuesday that the two sides made a ‘breakthrough’ in their talks on a long-awaited free trade deal.
Brussels and the Philippines ‘reached substantial agreement on a Free Trade Agreement (FTA), marking a significant milestone for both sides,’ EU trade chief Maros Sefcovic and Philippine trade secretary Cristina Roque said in a statement.
After a video call, Brussels and the Philippines made the announcement, ‘setting the deal on a clear path towards its formal conclusion in the coming months.’
Since 2016, the EU and the Philippines began the negotiations for a free trade agreement but was stalled just a year later, before resuming again in March 2024.
Last year, US President Donald Trump and his tariff blitz jolted the 27-country bloc into building trade ties worldwide. Brussels has since signed deals from South America to Australia and is seeking more agreements.