EU and Philippines reach 'substantial agreement' on free-trade deal

Sept 22 (Reuters) - European Commission President Ursula von der Leyen said in a post on X on Tuesday that she had spoken to Philippine President Ferdinand Marcos Jr. and that they had just agreed on a free-trade deal.

• European Commissioner for Trade and Economic Security Maroš Šefčovič and Philippine Trade Secretary Ma. Cristina Roque said in a joint statement the substantial agreement reached on a free-trade deal puts negotiations on a clear path toward its formal conclusion in the coming months.

• Roque and Šefčovič said they have instructed negotiators to finalise the deal as soon as possible.

• Both sides said the deal will deepen bilateral trade and investment ties, making them more diversified and resilient amid global volatility.

• The FTA is expected to open new opportunities for businesses, including MSMEs, as well as farmers, manufacturers and consumers, and provide fair rules and greater predictability.

(Reporting by Rajveer Singh Pardesi in Bengaluru and Karen Lema in Manila; Editing by Jacqueline Wong and John Mair)