After EU-Philippines trade breakthrough, is Asean-wide deal next?
The European Union and the Philippines have reached a substantial agreement on free trade after years of negotiations. This deal is expected to improve market access and potentially serve as a model for a broader EU-Asean trade pact.
Why it matters
The agreement strengthens economic ties between the EU and Southeast Asia, impacting regional supply chains and trade competitiveness.
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 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”.
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