MANILA - The European Union (EU) and the Philippines announced the resumption of their free trade negotiations, seven years after they were halted, Manila's Department of Trade and Industry said in a statement.
"The conditions are right to take our trade relations to the next level," European Commission Executive Vice President and Trade Commissioner Valdis Dombrovskis was quoted in the statement as saying.
Trade talks started in 2015 but were put on hold in 2017 during the presidency of Rodrigo Duterte whose deadly drug war raised concerns in the West.
"We would also encourage further progress on the long-standing issues of EU concern related to human rights and labour rights," said Dombrovskis in published press remarks.
In 2023, the EU was the Philippines’ fifth largest trading partner with total trade amounting to US$16.16 billion, according to Manila’s trade department. The trade deal will ensure mutual market access and diversify supply chains, offering more opportunities for professionals and service providers, it added.
“We aim for an ambitious, balanced, and comprehensive FTA with the EU,” Philippine Trade Secretary Alfredo Pascual said in the statement.