London, United Kingdom – The United Kingdom and the Philippines made a joint commitment to enhance economic cooperation and expand trade and investment between the two countries, as the 7th Annual UK-Philippines High Level Talks took place in London.
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| Excellent discussions and outcome towards enhanced economic cooperation at the 7th UK-PH High Level Talks in London |
UK Prime Minister’s Trade Envoy to the Philippines and ASEAN Richard Graham and the Philippines’ Department of Foreign Affairs Undersecretary Enrique Manalo co-chaired the trade and investment dialogue during the high-level meetings on 4 December 2017. A Joint Statement of Intent: Enhanced Economic Cooperation between the United Kingdom and the Philippines was adopted during the meeting, which marks a significant step forward in the two countries’ bilateral trade relationship.
The joint statement identified focus sectors with the highest potential for mutually beneficial economic gains – infrastructure, social development (education and health), digital economy and capital markets development. To expand trade and investment flows between the Philippines and the UK, collaboration in small and medium enterprise (SME) development and global value chain integration shall be pursued.
The Philippines conveyed its interest in establishing a framework for the bilateral economic relationship that will be carried forward by regular dialogue. In pursuit of closer collaboration and aligned economic agenda, the two countries agreed to take steps in establishing a bilateral economic development work programme and partake in bi-annual discussions between Her Majesty’s Ambassador to the Philippines and high-level economic officials of the Philippines led by the Department of Trade and Industry.
The UK is among the top investors in the Philippines and leads Europe in investments in the country. For the first quarter of 2017, it ranked 3rd for investment approvals as reported by Philippine investment promotion agencies. On the trade side, the UK ranks 19th among the country’s trade partners.♦