The Philippines and the European Union are seeking to resume the formal discussions for a bilateral free trade agreement by the third quarter of 2024, a senior government official said on Wednesday.

“We are targeting third quarter of the year. Prior to that we still have to meet with the EU,” Department of Trade and Industry Undersecretary for International Trade Policy Group Allan Gepty said.

Gepty, the country’s lead negotiator for FTAs, said both parties have yet to decide whether the upcoming negotiation would be a continuation of the second round of formal talks held in 2017 or this will be a new round of discussions.

‘Next level’ talks

On Monday, Trade Secretary Alfredo Pascual and European Commission Executive Vice President Valdis Dombrovskis jointly announced that both parties have agreed to resume negotiations for the Philippines-EU FTA.