EU Strikes Free Trade Deal With The Philippines

BRUSSELS (AP) — The European Union and the Philippines have announced a new free trade deal. The agreement announced Tuesday is part of an EU effort to diversify its economy amid tensions with China, Russia and the United States. EU trade negotiator Maroš Šefčovič and Philippine Trade Secretary María Cristina Aldeguer-Roque structured the deal to enhance the nearly 30 billion euros or around $35 billion annual trade between the EU and the Philippines. Electronics dominate the trade with the EU exporting aircraft, pork and pharmaceuticals while importing semiconductors and machinery. The Philippines is the third ASEAN nation to sign a bilateral trade deal with the EU.