Makati City: The Philippines and the European Union are committed to advancing talks on a free trade agreement (FTA), Foreign Affairs Secretary Enrique Manalo stated on Monday. In a joint press conference with visiting EU High Representative for Foreign Affairs and Security Policy Kaja Kallas, Manalo emphasized the eagerness of both parties to deepen economic ties and leverage the future FTA to enhance trade and investment.

According to Philippines News Agency, Manalo expressed the Philippines' anticipation for sustained EU support in swiftly concluding negotiations for a comprehensive, balanced, and modern FTA. The Philippines and the EU have completed two rounds of negotiations in October last year and February this year, with the next round scheduled for the third week of June in Brussels, Belgium.

Earlier, the EU Delegation in Manila highlighted the bloc's desire for an early FTA conclusion amid global trade uncertainties, exacerbated by new tariff policies from the United States. Eurostat data indicates that EU-Philippines bilateral trade in 2024 saw a 3.8 percent increase, reaching 16.8 billion euros from 16.2 billion euros the previous year.

EU imports from the Philippines rose by 3.1 percent to 9.1 billion euros, while exports to the Philippines grew by 4.7 percent to 7.7 billion euros. Of the total Philippine exports, at least 2.2 billion euros utilized the EU Generalised Scheme of Preferences Plus (GSP+), offering zero percent tariffs on nearly 7,000 EU product lines, elevating the Philippines' GSP+ utilization rate to a record high of 80 percent in 2024.

Electronic products continue to be the Philippines' primary export to the EU, valued at 6.3 billion euros in 2024.