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The Philippines

Philippines

Negotiations for an EU-Philippines trade and investment agreement were launched on 22 December 2015. The aim is to conclude an agreement that covers a broad range of issues, including tariffs, non-tariff barriers to trade, trade in services and investment, as well as trade aspects of public procurement, intellectual property, competition and sustainable development.

The trade and investment agreement will develop a key aspect of the EU's overall relationship with the Philippines that is based on the EU-Philippines Framework Agreement on Partnership and Cooperation that entered into force in March 2018.

Since December 2014, the Philippines enjoys enhanced trade preferences with the EU under the EU's Generalised Scheme of Preferences plus (GSP+). As a beneficiary of the scheme, the Philippines is subject to a regular monitoring of its obligation to the effective implementation of 27 core international conventions covered by the GSP+ regulation.

Trade picture

  • The Philippines is the EU's 6th largest trading partner in the Association of Southeast Asian Nations (ASEAN), while the EU ranks as the Philippines' 4th largest trading partner.
  • EU exports to the Philippines are dominated by machinery, transport equipment, chemicals, food products, and electronic components, while the Philippines' main exports to the EU are office and telecommunication equipment, machinery, food products, and optical and photographic instruments.
  • Bilateral trade in services between the EU and the Philippines reached € 4.6 billion in 2016, while EU foreign direct investment stock in the Philippines amounted to €9.1 billion for the same year, making the EU the largest foreign investor in the Philippines

EU-Philippines: Trade in goods

Trade in goods 2015-2017, € billions
Year EU imports EU exports Balance
2015 7.0 6.2 -0.8
2016 6.7 6.2 -0.5
2017 7.6 6.6 -1.0

EU-Philippines: Trade in services

Trade in services 2014-2016, € billions
Year EU imports EU exports Balance
2014 2.0 1.5 -0.5
2015 2.7 2.0 -0.7
2016 2.5 2.1 -0.5

EU-Philippines: Foreign direct investment

Foreign direct investment 2016, € billions
Year Inward stocks Outward stocks Balance
2016 1.8 9.1 7.2

Date of retrieval: 16/04/2018

More statistics on Philippines

EU and the Philippines

Bilateral negotiations were launched with Singapore and Malaysia in 2010, with Vietnam in 2012, with Thailand in 2013, with the Philippines in 2015 and with Indonesia in 2016.

Bilateral trade and investment agreements with Singapore and Vietnam have been successfully concluded and represent stepping stones to a greater engagement between the EU and the region.

The Philippines and ASEAN

The Philippines is one of the 10 members of the Association of Southeast Asian Nations (ASEAN), the third largest economy in the region and, with a population of over 100 million, the second biggest market in ASEAN.

Ensuring better access for EU exporters to the dynamic ASEAN market is a priority for the EU. Negotiations for a region-to-region trade and investment agreement between the EU and ASEAN were launched in 2007 and paused by mutual agreement in 2009 to give way to a bilateral format of negotiations. These bilateral trade and investment agreements were conceived as building blocks towards a future region-to-region agreement.

More information on ASEAN

Trading with Philippines