MANILA, March 21 -- The Department of Foreign Affairs (DFA) said Thursday that the Philippines looks forward to crafting a "balanced and modern" free trade agreement (FTA) with the European Union (EU) as negotiations for the deal resume soon.

The DFA said the European Commission would be involved in the formal talks for the FTA, which is expected to be held by the third quarter of 2024.

The Philippines and EU's working level experts concluded a series of stock-taking discussions in Dec. 2023 after the Manila visit of European Commission President Ursula von der Leyen, when she and President Ferdinand Marcos Jr. announced their intention to re-launch the FTA negotiations.

"During the visit of President Ferdinand R. Marcos Jr. to Germany...