EU and Philippines Unveil Landmark Free-Trade Agreement

EU trade commissioner Maroš Šefčovič and Philippines trade minister Cristina Roque confirmed the agreement will eliminate duties on 97 percent of goods. Projections suggest this could boost EU exports by as much as €2.69 billion. Last year, bilateral trade reached €18 billion in goods and €10 billion in services, a foundation the commission intends to leverage to bolster the bloc’s agricultural surplus, which currently stands at €600 million.

Beyond traditional commodities, the agreement serves a broader geopolitical strategy. The commission is prioritizing critical minerals in trade negotiations to curb reliance on Chinese imports. As the world’s largest exporter of nickel ore, the Philippines holds an estimated $1 trillion in mineral reserves, including cobalt, copper, and rare earth elements. While the text still requires formal legal transcription, the framework aims to integrate these vital resources into the European industrial supply chain.