After EU-Philippines trade breakthrough, is Asean-wide deal next?
After a decade of start-stop negotiations, the European Union and the Philippines have found their way to a “substantial agreement” on free trade – one that analysts say could pave the way for Brussels to lock in an Asean-wide pact. The breakthrough, announced on Tuesday, capped talks that began in 2016 and stalled a year later, only to resume again in 2024. “I am proud to say we have delivered a…
After nearly a decade of back and forth negotiations, the European Union (EU) and the Philippines have reached a significant "substantial agreement" on free trade, according to analysts. The breakthrough, announced on Tuesday, follows a decade-long negotiation process that began in 2016 and faced delays before resuming in 2024. Speaking after virtual talks with Philippine counterpart Cristina Roque, EU trade chief Maros Sefcovic expressed pride in delivering an agreement that reflects the ambition of both sides.
The trade deal, which is expected to formalised within the coming months, is seen as a stepping stone toward an Asean-wide pact.
EU-Asean Business Council executive director Chris Humphrey welcomed the agreement, stating that it paves the way for the Philippines to enhance its competitiveness as both an investment destination and a crucial part of regional supply chains. The EU has been the Philippines' fourth-largest trading partner, accounting for 8.3% of the country's total goods trade.
Brussels has also been in prolonged trade talks with Thailand and Malaysia, with the aim of finalising deals by the end of 2027 to mark the 50th anniversary of formal diplomatic relations between the EU and the Association of Southeast Asian Nations (ASEAN).
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