The Philippines and the European Union (EU) on Monday, March 18, announced the relaunch of the negotiations on a possible free trade agreement (FTA).
This was jointly announced by Trade Secretary Alfredo Pascual and European Commission Executive Vice President and Trade Commissioner Valdis Dombrovskis in Brussels, Belgium.
The relaunch comes nearly 10 years since talks started in 2015. The last round took place back in 2017, after which no further rounds were scheduled.
The FTA is projected to increase trade between the two by up to 6 billion euros.
Dombrovskis said the FTA will open up opportunities for businesses and consumers on both sides, promote sustainable trade practices and secure supply chains.
Pascual for his part said the resumption of FTA negotiations is a manifestation of the EU’s confidence in the Philippines as its vital economic partner.