Makati – The Philippines and the European Union are nearing the completion of their preliminary discussions for a potential free trade agreement (FTA). This progress was confirmed by the EU Ambassador to the Philippines, Luc Veron, during the 2023 Pilipinas Conference in Makati.
According to Philippines News Agency, both nations are on track to conclude these scoping talks by the end of 2023. The discussions involve reviewing various chapters that would form part of the FTA, assessing the level of ambition for each section. This phase is crucial to set the groundwork for successful negotiations. Veron highlighted that European Commission President Ursula von der Leyen and Philippine President Ferdinand R. Marcos Jr. have shown a keen interest in moving forward with the negotiations. Since the announcement of FTA discussions in September, at least three rounds of scoping talks have taken place. An FTA with the EU, a market of 350 million consumers, is viewed as a significant opportunity for the Philippines.