(VOVworld) - EU Trade Commissioner Cecilia Malmström and Trade and Industry Secretary Gregory Domingo agreed on Tuesday to begin negotiations for an EU-Philippines FTA.

The decision represents an important milestone in EU-Philippine relations and further evidence of the EU's commitment to Southeast Asia.

The Philippines and the EU seek a comprehensive agreement.

Issues to be discussed include the elimination of customs duties and other barriers to trade, services and investment, and access to public procurement markets.

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

 Malmström said the Philippines has been one of the fastest growing economies in the region in recent years, allowing EU companies to seize the great potential of that market of 100 million consumers.

The first round of negotiations is set to take place in the first half of next year in the Philippines.