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BackEU and Philippines Reach Substantial Trade Agreement After Years of Negotiations
EU and Philippines Reach Substantial Trade Agreement After Years of Negotiations
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SCMP Economy53 minutes agoBusiness1 min readChina

EU and Philippines Reach Substantial Trade Agreement After Years of Negotiations

euphilippinestrade agreement

Quick Look

EU trade chief Maros Sefcovic and Philippine counterpart Cristina Roque announced a substantial trade agreement on Tuesday, reviving talks that began in 2016, stalled in 2017, and resumed in 2024, setting the deal on a clearer path to formal conclusion in the coming months.

AI-generated summary

Why It Matters

Talks between the EU and Philippines began in 2016, stalled a year later, and resumed in 2024 before reaching a substantial agreement.

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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 substantial agreement that reflects the ambition both sides brought to the table,” EU trade chief Maros Sefcovic said following virtual talks with his Philippine counterpart Cristina Roque.

Their call set the trade deal “on a clearer path towards its formal conclusion in the coming months”, the two said in a joint statement issued afterwards, in which they welcomed the promise of new opportunities for “businesses … farmers, manufacturers and consumers on both sides”.

What to Watch

AI outlook — possibilities, not facts

  • The trade agreement will be formally concluded in the coming months.

    Likely · Within months

Open Questions

  • When will the trade agreement be formally concluded?
  • What specific sectors will benefit from the agreement?
  • What are the exact terms of the agreement regarding tariffs and market access?

Related Topics

eu
PeopleMaros SefcovicCristina Roque
OrganizationsEuropean UnionPhilippine government
PlacesEuropean UnionPhilippines
Topicsphilippinestrade agreementmaros sefcoviccristina roquenegotiations2024
This article was originally published by SCMP Economy.

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