(Eagle News)–President Bongbong Marcos has expressed hope the Philippines-European Union Free Trade Agreement (PH-EU FTA) will be in place by 2027.

“We see the FTA as a crucial step in enhancing the trade partnership between the Philippines and the EU,” President Marcos said in a speech read by Executive Secretary Lucas Bersamin during the 2024 European-Philippines Business Dialogue and European Investors’ Night held in Makati on Monday.

According to the President, the FTA “is more than just an agreement.”

He said its benefits are many, with the expected increase in trade of 6 billion euros.

“We look forward to negotiations being finalized by 2027 and to elevating trade and investment flows through a comprehensive agreement that includes advanced provisions for digital trade and intellectual property rights,” he said.

The Department of Trade and Industry has said “exploratory FTA scoping meetings” between the Philippines and the EU started in 2013.

It said among the proposed chapters of the PH-EU FTA are on the rules of origin, trade in goods, government procurement, competition, and trade in services and investments.