Economy
EU Advances Free Trade Agreement with the Philippines
The European Union and the Philippines have resumed negotiations for a free trade agreement, aiming to reduce or eliminate import tariffs on over 97% of goods. Talks, which began in 2015 and were paused for years, restarted in 2024 to boost trade between the regions. The EU currently exports over 8 billion euros annually to the Philippines, including machinery, pharmaceuticals, and agricultural products, while importing approximately 1.4 billion euros worth of goods. The deal is particularly relevant for Dutch companies, as the Netherlands seeks closer cooperation in agriculture, water management, semiconductors, and sustainable energy. While lower tariffs may reduce business costs, consumer prices are not guaranteed to drop immediately. The EU views this agreement as a strategic move to diversify supply chains and reduce dependence on the US and China, with future focus also on Thailand and Malaysia. Although main outlines are agreed upon, final details and formal approval procedures remain to be completed in the coming months.
Ozetta summarises; the reporting is the newsroom's