EU-Philippines: an agreement has been reached – Brussels’ move is aimed at countering the US and China
The agreement is a further step in the EU’s strategy to diversify trade
from our correspondent Beda Romano
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BRUSSELS – The European Commission and the Philippine government announced late on Monday 21 September that they had reached an agreement in principle on a future trade deal. The announcement came via a joint statement by Trade Commissioner Maroš Šefčovič and his counterpart, Cristina Aldeguer-Roque. The agreement represents a further step in the EU’s strategy to diversify its trade.
“This agreement strengthens our ties with one of the most dynamic economies in South-East Asia,” Commissioner Šefčovič said on X. “ “There is enormous potential for growth beyond current trade, which stands at around €18 billion in goods and €10 billion in services.” Three years ago, the President of the European Commission, Ursula von der Leyen, travelled to Manila to relaunch negotiations with the Philippines.
According to a press release from the European Commission, the agreement provides, for the first time, for the Philippines to open up public tenders to companies from third countries. The agreement also provides for the protection of geographical indications, greater transparency regarding phytosanitary rules, commitments on environmental sustainability, and new rules in the field of digital trade. The European Union mainly exports industrial and agricultural products to the country. The agreement will now be finalised.
It should be noted that the agreement with Manila comes at a time when Brussels is seeking a hard-fought economic deal with China. The European aim is to limit the influx of Chinese goods, which are often subsidised by the local government. The parties are currently negotiating at a technical level. Commissioner Šefčovič held a video call with his counterpart, Wang Wentao, last week. The two reaffirmed their desire to reach a compromise by October.
The European Union has noted a ‘genuine’ commitment on the part of its counterparts in the trade negotiations with Beijing, the European Commissioner said on Tuesday 22 September. ‘What would obviously be very important is to move from rhetoric to concrete results, because that is clearly what one would expect from me. I need a credible outcome’, added the Slovak politician.
