Press remarks by Commissioner Šefčovič on the EU–Philippines trade relations

Good morning. Today, we have a breakthrough to announce: a substantial agreement on our Free Trade Agreement with the Philippines, welcomed by both Presidents in their call.

I confirmed this major step myself in a video call with Philippine Secretary of Trade and Industry Cristina Roque – deepening economic ties between the EU and one of the most dynamic economies in Southeast Asia.

We have agreed to liberalise over 94 percent of tariff lines, covering more than 97 percent of goods, on both sides.

That is very good news – and a major opening for EU exporters, who already sell over €8 billion a year to the Philippines in machinery, transport equipment, medicines, pork, poultry, dairy and more.

In practical terms, this agreement delivers:

I am convinced that our bilateral trade with the Philippines has room to grow well beyond current levels – already almost €18 billion in goods and over €10 billion in services.

Beyond the economics, there is a bigger picture here, too. This agreement sends a clear signal that the EU is reinforcing its engagement with the Indo-Pacific.

None of this happened by chance. It is the product of good-faith work by negotiating teams on both sides – and I want to thank them for it.

This is the result both the EU and the Philippines can be proud of.

Now the work turns to finishing the job. We have tasked our teams to formally conclude the agreement in the coming months, so businesses and people on both sides can start feeling the benefits as soon as possible.