Hanoi (VNA) – The Philippines and the European Union (EU) aim to complete negotiations on a free trade agreement (FTA) in the second half of 2026, Philippine Foreign Affairs Secretary Ma. Theresa Lazaro said on March 19.
As reported by the Philippine News Agency, speaking at a Federation of Philippine Industries (FPI) forum in Taguig city, Lazaro said both sides hope to conclude talks “probably the start of the second half of this year.”
“We are looking further afield to broaden our economic base and ensure that our eggs are not all in one basket,” she said as quoted by the agency.
The Philippines is revitalising trade with Europe through the FTA negotiations, which will open up a market of nearly 450 million high-income consumers, she added.
The statement came as Manila and the EU concluded the fifth round of FTA negotiations in Brussels on March 5.
The EU Delegation in Manila said “significant progress” has been achieved across a broad range of areas covered by the proposed deal, with both sides committed to concluding it soon.
“The EU and the Philippines reaffirmed their shared ambition to conclude a comprehensive and ambitious agreement that strengthens economic ties and supports resilient and sustainable growth,” it said.
Negotiations for the FTA were first launched in December 2015 but stalled after the EU raised humanitarian concerns during the previous administration.
In 2023, European Commission President Ursula von der Leyen and President Ferdinand R. Marcos Jr. announced plans to relaunch the talks. The Philippines and the EU formally resumed negotiations in Brussels on March 18, 2024./.
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