00:01The European Commission struck a trade agreement with the Philippines on Tuesday,
00:06stepping up its diversification strategy across the Indo-Pacific region.
00:11The new agreement will give EU businesses access to a market of 113 million people
00:17and remove over 94% of customs duties.
00:20This is the result both the EU and the Philippines can be proud of.
00:26And now the work turns to finishing the job.
00:30We have tasked our teams to formally conclude the agreement in coming months
00:36so businesses and people on both sides can start feeling the benefits as soon as possible.
00:44The agreement will cover more than 97% of bilateral trade,
00:49including EU exports of machinery, medicines and medical appliances,
00:53as well as agri products such as meat, pork, poultry and spirits.
00:59Exports from the Philippines are dominated by semiconductors, integrated circuits and industrial machinery.
01:06The deal should also facilitate EU investment in raw materials in the Philippines
01:10as the EU seeks to move away from China, which holds a monopoly on key raw materials.
01:15The deal comes more than a year after the US introduced sweeping new tariffs on many of its trading partners,
01:23prompting retaliatory measures and adding to global trade tensions.
01:27Since then, the EU has been seeking new trade ties,
01:30recently concluding major deals with India, Australia and Indonesia.
01:37The 21st century any meal promoted to crop
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