The Philippines and European Union agreed Tuesday to start negotiations for a free trade agreement (FTA).

In a statement, EU said both sides share the ambition to conclude an agreement that covers a broad range of issues, including elimination of customs duties and other barriers to trade, services and investment, access to public procurement markets as well as additional disciplines in the area of competition and protection of intellectual property rights.

The prospective agreement will also include a comprehensive chapter that will ensure that closer economic relations between the EU and the Philippines go hand in hand with environmental protection and social development.

"Launching negotiations with the Philippines will represent an important milestone in the EU-Philippine relations and a further evidence of the EU's commitment to Southeast Asia," said EU Trade Commissioner Cecilia Malmstrom.

"The Philippines has been one of the fastest growing economies in the region in recent years. We need to make sure our companies enjoy right conditions to seize the great potential of that market of 100 million consumers."

The first round of negotiations is expected to take place in the first half of 2016 in the Philippines. Endit

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