BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - The EU and the Philippines officially announced the resumption of negotiations for an ambitious, modern and balanced free trade agreement.
An FTA with the Philippines, a booming economy of 115 million people in the heart of the strategically important Indo-Pacific region, would be a valuable addition to the EU's network of trade deals.
The European Commission said EU aims for a comprehensive FTA with the Philippines that includes ambitious market access for goods, services, investment and government procurement; the removal of obstacles to digital trade and trade in energy and raw materials.
The EU and the Philippines will now make their respective technical preparations for the first round of the resumed negotiations, expected to take place later this year.
The European bloc and the Philippines already have well-established trade relations. Trade in goods was worth more than EUR18.4 billion in 2022, while trade in services was worth EUR4.7 billion in 2021.
The Philippines is among the fastest growing emerging economies in the world, projected to see the second highest economic growth in ASEAN with 5.9 percent GDP growth in 2024.
In addition to being a significant and growing economy, the Philippines also has major reserves of critical raw materials, including nickel, copper and chromite, which are vital for the manufacture of green technologies.
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