- The Philippines and New Zealand signed an arrangement to establish a Joint Economic Commission as a step towards deepening bilateral relations
- The JEC will serve as a dedicated mechanism under the Philippine Department of Trade and Industry designed to expand trade, promote investments, and facilitate cooperation in different sectors
- The establishment of the JEC coincides with a robust recovery in trade between the two countries, which has rebounded to $628.8 million, nearing its pre-pandemic peak
- New Zealand is scheduled to host the inaugural JEC meeting in August to discuss key areas of cooperation, including dairy production, critical minerals, and renewable energy
The Philippines and New Zealand signed an arrangement to establish a joint economic commission (JEC) as a step towards deepening bilateral relations.
The JEC will serve as a dedicated mechanism under the Philippine Department of Trade and Industry (DTI) designed to expand trade, promote investments, and facilitate cooperation in different sectors.
The agreement, signed during a bilateral meeting on May 22, 2026 in Suzhou, China, fulfills a commitment outlined in a joint statement issued by Philippine President Ferdinand Marcos, Jr. and New Zealand Prime Minister Christopher Luxon in April 2024.
According to their joint statement made during Luxon’s official visit to the Philippines, the two leaders agreed to elevate the bilateral relationship to a comprehensive partnership by 2026. Ther directed their foreign ministers and relevant officials to put in place a roadmap to guide the establishment of the comprehensive partnership, including the elevation of the foreign ministry consultations to the vice-ministerial level and the creation of new mechanisms including a JEC and a maritime dialogue.
In a statement, DTI said the establishment of the JEC coincides with a robust recovery in bilateral trade between the two countries, which has rebounded to $628.8 million, nearing its pre-pandemic peak.
Philippine exports to New Zealand registered a notable increase, reaching $103 million, driven by higher shipments of electrical machinery, infrastructure components, and fresh fruits such as bananas and pineapples.
New Zealand, meanwhile, continues to be a major supplier of agricultural products to the Philippines, exporting $525.8 million in commodities, including dairy, cheese, butter, and beef.
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The platform will also serve to enhance two-way investments, improve the business environment and foster cooperation in sectors of mutual interests.
DTI said this partnership comes at a critical juncture as both countries navigate the economic impact of a global fuel crisis. Rising fuel costs have driven domestic inflation, increased transportation fares, and heightened production costs across logistics and agriculture, placing financial pressure on consumer households.
On green energy transition, the Philippines is actively wooing New Zealand companies to invest in its fully liberalized renewable energy sector. By leveraging New Zealand’s expertise in green technology, the Philippines aims to diversify its energy mix and shield its economy from future global supply shocks.
DTI said both countries are moving forward rapidly with the initiative, with New Zealand scheduled to host the inaugural JEC meeting in August to discuss key areas of cooperation, including dairy production, critical minerals, and renewable energy.
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