MAKATI CITY, PHILIPPINES -- The Philippines seeks to revitalize trade with New Zealand, according to Department of Trade and Industry (DTI) Secretary Fred Pascual during the Philippine and New Zealand business matching session on April 18. This session was held on the sidelines of the official visit of New Zealand Prime Minister Christopher Luxon to the Philippines from April 17 to 18, marking the first New Zealand prime minister in 14 years.

In his remarks, the DTI chief highlighted that the Philippines recorded positive growth in exports of bananas and electronics in 2023. The country is now aiming for a more balanced trade picture by promoting a wider variety of exports, including fruits, machinery, and vegetable oils.

Moreover, the Philippines has utilized existing trade agreements, such as the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA) and Regional Comprehensive Economic Partnership (RCEP) to facilitate increased trade. The recent conclusion of the AANZFTA's Second Protocol was seen as a positive sign for regional economic recovery and provides a stable framework for businesses.

The Business Matching Session is designed to connect New Zealand and Philippines businesses and explore collaborative opportunities in key sectors. The focus will be on economic opportunities in renewable energy, agricultural technology and agribusiness, education and skills development, digital infrastructure, environmental and social projects, innovation, and information technology and business process management (IT-BPM). ♦