PH, United Kingdom seek enhanced trade, investment cooperation

Representatives of the Philippine and British governments convened this week their second Philippines-United Kingdom Economic Dialogue to discuss ways to further strengthen their economic cooperation.

In a statement on Thursday, the Department of Trade and Industry (DTI) said Trade Undersecretary Ceferino Rodolfo and British Ambassador to the Philippines Daniel Pruce led the August 19 dialogue.

“Our economic dialogue is strategically important, as it allows us to engage the UK as they implement their independent trade regime. On the other hand, the Philippines is a key economic partner and ally of the UK in Asean (Association of Southeast Asian Nations). This dialogue is the perfect avenue for us to lay the building blocks for a stronger and closer economic relationship in the future,” Rodolfo said.

Both representatives tackled the challenges and opportunities presented by Covid-19 to both their economies.

“The pandemic has enhanced government-private sector partnerships in the Philippines and the UK. The convening of this dialogue comes at an opportune time as both our countries seek to build back better by supporting each other,” Rodolfo said.

Their discussions also focused on strengthening bilateral trade flows through the Philippines’ preferential access to the UK market under the latter’s GSP Enhanced Framework.

Investments in key sectors, such as aerospace, automotive, electronics and pharmaceuticals, were also encouraged as possible cooperation on these areas are seen to link Philippine and British value chains.

Both sides also welcomed the signing of the memorandum of understanding (MoU) between the Intellectual Property of the Philippines and the British Embassy in Manila.

The MoU, which aims to further boost the Philippines’ intellectual property regime, was signed on August 6 and countersigned during the meeting.

The meeting also tackled fostering micro, small and medium enterprise (MSME) development by exploring innovation and industrial collaboration, which will develop the linkage between Philippine businesses with UK companies.

Trade Undersecretary Rafaelita Aldaba said the DTI was very keen to pursue innovation and industrial development cooperation with the European country.

“We have innovative British companies operating in the Philippines, and this cooperation will help complement their operations here by linking them with our innovative MSMEs and big businesses. Both the Philippines and UK also have vibrant startup ecosystems. These digital startups could surely help each other grow through collaboration,” she added.

Source: TheManila Times