Cyprus sees higher economic engagement with EU-Phl FTA

MANILA, Philippines — Cyprus sees considerable potential for increased economic engagement with the Philippines once a free trade agreement (FTA) with the European Union (EU) takes effect.

Cyprus Foreign Minister Constantinos Kombos welcomed the announcement of European Commission president Ursula von der Leyen that substantial agreement has been reached on an EU-Philippines FTA.

“We welcome this important milestone and look forward to the completion of the remaining necessary steps toward the successful conclusion and signing of the agreement,” Kombos told The STAR.

“From Cyprus’ perspective, as an open and outward-looking economy, we see considerable potential for increased economic engagement with the Philippines through the FTA,” Kombos said.

“Such an agreement can create new opportunities for our companies, encourage investment, facilitate trade and contribute to job creation, thereby expanding the mutually beneficial economic footprint of our partnership.”

“The mutually beneficial agreement should bring tangible benefits, including new opportunities for businesses, more investment and more jobs,” Von der Leyen said.

It will also support shared priorities on sustainable development and the clean and digital transitions.

Kombos said the economies of Cyprus, an EU member, and the Philippines are significantly complementary, providing a solid basis for enhancing bilateral trade  that better reflects the full potential of the economic relationship.

FTAs concluded between the EU and its partners around the world provide important tools for increasing trade, including the reduction or elimination of tariffs, improved market access and greater legal certainty for businesses.

He emphasized the task of establishing the appropriate institutional framework and encouraging business communities to engage more closely, identify concrete opportunities and expand into new areas of cooperation.

According to Kombos, Cyprus can serve as a gateway for Philippine companies seeking to expand their presence in the EU, particularly in areas such as shipping, professional and financial services, technology, tourism and education.

“At the same time, the Philippines offers Cypriot companies access to one of Southeast Asia’s most dynamic markets, as well as opportunities in sectors where the Philippines has significant expertise and potential,” he said.

abtestabtest Marcos: Don't panic over peso fall to P64 per dollar By Geraldine Santos | 1 day ago President Marcos Jr. says rising oil prices are weighing on the currency and economy. Business ‘Peso within reach of 65 to $1 level’ By Keisha Ta-Asan | 1 day ago The peso could weaken further toward 65 per dollar as persistent external pressures collide with weak domestic growth and... Business China Bank Savings renews commitment to supporting educators 1 day ago The thrift banking arm of China Banking Corp. has committed to deepen its partnership with the Department of Education (DepEd) in recognizing teachers who help shape the country’s future. Business El Niño and pumped hydro storage system By Bienvenido Oplas Jr. | 1 day ago After a prolonged La Niña from 2020 to 2025, we are back to El Niño phase this year until at least 2027. The... Business Investing in Philippines, one project and one churro at a time By Joe Zaldarriaga | 1 day ago Whenever I encounter a piece of Spanish culture in my hometown here in Manila – whether it may be through architecture, language, family traditions or even food, I am reminded that the relationship between... Business Latest More in Business Banks’ bad loan ratio drops to 19-month low FDA sounds alarm over illicit sale of squishy toys (First of two parts) LNG powerhouse rising as Tokyo Gas expanding with Razon, Lopez groups Stocks, peso strengthen as US Fed holds rates steady abtest There goes ASEAN By Boo Chanco | 2 hours ago The ASEAN Summit meeting we are hosting next month should be very interesting. As of now, it promises to be rather chilly.... Business Pag-IBIG income rises to P63 billion By Aubrey Rose Inosante | 2 hours ago Pag-IBIG Fund posted a 24-percent increase in  net income in the first nine months, while demand for the MP2 savings... Business Politics elevates risks for economy By Marriane V. Go | 2 hours ago Manila-based professional services firm WR Advisory Group last week released its inaugural Philippine Political and Country... Business DALI’s P7 billion loss puts hard discount store model in focus By Elijah Felice Rosales | 2 hours ago The pioneer of hard discount stores in the Philippines  incurred more than P7 billion in losses as of 2025, raising doubts... Business PAGCOR earnings further dwindle, e-gaming segment loses steam By Aubrey Rose Inosante | 2 hours ago The Philippine Amusement and Gaming Corp. saw its revenues extend their decline, tumbling by 23.4 percent from January to... Business Recommended Prosecution to defense: Don’t delay impeach trial 1 day ago Lawyers of Vice President Sara Duterte should not engage in delaying tactics in presenting her defense before the Senate impeachment... BusinessSARASARA DUTERTE Aplasca files reply to direct assault rap 1 day ago Former Senate sergeant-at-arms Mao Aplasca has filed his counter-affidavit on the direct assault complaint filed against him... BusinessAPLASCAMAO Marcos: Don't panic over peso fall to P64 per dollar 1 day ago President Marcos Jr. says rising oil prices are weighing on the currency and economy. BusinessBONGBONG MARCOSCURRENCYFOREX Premature to talk about VP replacement – Palace 2 days ago It’s premature to talk about a possible replacement for Vice President Sara Duterte while her impeachment trial is ongoing,... BusinessSARA DUTERTE JV open to inviting budget watchdogs to bicam hearings 2 days ago Senate finance committee chairman JV Ejercito is open to inviting civil society organizations  to the bicameral conference... BusinessLACSONSENATE next Recommended Prosecution to defense: Don’t delay impeach trial Lawyers of Vice President Sara Duterte should not engage in delaying tactics in presenting her defense before the Senate impeachment court, nor should they employ any filibuster methods to drag the case even further. 1 day ago SARA SARA DUTERTE Aplasca files reply to direct assault rap Former Senate sergeant-at-arms Mao Aplasca has filed his counter-affidavit on the direct assault complaint filed against him over the May 13 Senate shooting. 1 day ago APLASCA MAO Marcos: Don't panic over peso fall to P64 per dollar President Marcos Jr. says rising oil prices are weighing on the currency and economy. 1 day ago BONGBONG MARCOS CURRENCY FOREX Premature to talk about VP replacement – Palace It’s premature to talk about a possible replacement for Vice President Sara Duterte while her impeachment trial is ongoing, Malacañang said yesterday. 2 days ago SARA DUTERTE JV open to inviting budget watchdogs to bicam hearings Senate finance committee chairman JV Ejercito is open to inviting civil society organizations  to the bicameral conference committee hearings on the proposed P7.2-trillion national budget for 2027, after the groups flagged up to P1 trillion in potential pork barrel funds in the House of Representatives’ version of the spending bill. 2 days ago LACSON SENATE OK Are you sure you want to log out? Yes No X Login Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!