Politics
Renewed Efforts Underway for EU-Philippines Free Trade Deal to Boost Strategic Ties
The European Union and the Philippines have announced plans to restart negotiations for an ambitious free trade agreement, according to a press release from the European Commission on July 31st, 2023. This signals a renewed effort to strengthen economic and political ties between the strategic Indo-Pacific partners.
According to a joint statement, the EU and the Philippines will begin a bilateral “scoping process” to evaluate if they share a common vision for the comprehensive FTA. If successful, and after consulting EU member states, formal negotiations could resume after being stalled since 2017.
“The Philippines is a key partner for us in the Indo-Pacific region, and with the launch of this scoping process we are paving the way to taking our partnership to the next level,” said European Commission President Ursula von der Leyen.
Experts say the move aligns with the EU’s 2021 Indo-Pacific Strategy and growing focus on deepening trade relations in Southeast Asia, a fast-growing economic hub. It follows the recent restart of FTA talks between the EU and Thailand this year.
According to 2021 data, EU-Philippines trade in goods totalled €18.4 billion, while trade in services reached €4.7 billion. The EU ranked as the Philippines’ 4th largest trade partner, and the Philippines was the EU’s 7th largest trade partner in the ASEAN region.
The proposed FTA would likely include reduced trade barriers, streamlined customs procedures, intellectual property protections, sustainable development measures, and climate commitments.
With its abundant reserves of critical minerals, alongside investments in renewable energy, analysts say the Philippines offers strategic opportunities for EU companies and sustainability initiatives as part of the green transition.
While hurdles remain, restarting EU-Philippines FTA negotiations signals a mutual desire for closer economic integration and strategic alignment between the long-time partners.
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On November 7, Ecumenical Patriarch Bartholomew sent a congratulatory letter to the newly elected US President Donald Trump, wishing him health, strength and success in his upcoming second presidential term.
“Recognizing the enormous responsibilities of such a leadership position, we pray that your decisions will be guided by wisdom and compassion, as well as by the strength necessary to maintain harmony and security in your great and God-protected nation,” noted Patr. Bartholomew:
“The Ecumenical Patriarchate, with its ancient history and its fundamental commitment to dialogue and reconciliation, remains a constant supporter of all efforts to promote peace and understanding between people of different cultures and beliefs. We hope that under your leadership the United States will continue to support the cause of religious freedom and human dignity – values that resonate deeply in the Orthodox Christian tradition and all faith communities,” the congratulatory letter said.
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The last of Russia’s major state-owned banks, which retains access to the SWIFT system for international payments in the world’s major currencies, will become subject to new US sanctions.
The White House is considering blacklisting Gazprombank, the Russian Federation’s third-largest bank by assets, which is a “hub” for gas payments with Europe. As the Nikkei reported, citing officials familiar with the matter, GPB could be subject to blocking sanctions: it would be barred from any transactions with US banks. A decision on sanctions will be made by the end of November – the United States has notified its G7 partners about this, sources told the publication, including high-ranking European officials.
Directly owned by Gazprom with a third and another 40% by its pension fund, Gazprombank is not yet subject to strict Western restrictions: in the United States it is only prohibited from raising capital on the debt market, although its top managers and a subsidiary are subject to blocking sanctions IT company. In the European Union, GPB also avoids blacklists, and only Britain has introduced blockers against the bank.
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