EU reaches ‘substantial agreement’ on Philippines trade deal
Von der Leyen declares a deal after call with Ferdinand Marcos Jr., but negotiators still have work to do.
The European Union has announced a "substantial agreement" on a trade deal with the Philippines, following a call between Commission President Ursula von der Leyen and President Ferdinand Marcos Jr. This comes three years after von der Leyen visited the Philippines to kickstart trade talks, and reflects the EU's efforts to diversify its commercial relationships amid concerns over China's growing influence and the United States' "America-first" trade approach.
Von der Leyen posted on social media that the EU and Philippines had "just agreed on an [EU-Philippines] free trade deal!" However, a statement from EU Trade Commissioner Maroš Šefčovič and Philippine Minister for Trade and Industry Maria Cristina Aldeguer-Roque clarified that while "substantial agreement" had been reached, further negotiations would be required to finalize the deal.
The Commission's Šefčovič had skipped a planned visit to Manila and held a video call with Aldeguer-Roque, who said a deal was "on a clear path towards its formal conclusion in the coming months." While most negotiating chapters were reportedly closed before von der Leyen's announcement, talks on public procurement continue. The final hurdle is an EU industry law that could limit the access of countries without procurement agreements with the bloc to public procurement in green and energy-intensive sectors.
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