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The Philippines and United Kingdom signed a partnership statement on continued trade, investment, and economic cooperation
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Both countries reaffirm their commitments to partner on three priority areas: continuing to grow economic relations, driving investment opportunities, and promoting an enabling business environment
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They countries will jointly promote UK’s Developing Countries Trading Scheme set to be launched this year
The Philippines and United Kingdom have signed a partnership statement on continued trade, investment, and economic cooperation during the 4th round of bilateral economic dialogue on May 19.
According to the partnership statement, both countries recognize the critical role that bilateral and regional trade, investment, and economic cooperation play in driving inclusive growth and mutual prosperity.
The dialogue was chaired by Philippine Department of Trade and Industry undersecretary Ceferino Rodolfo and UK Ambassador to the Philippines Laure Beaufils.
As both countries celebrate 77 years of diplomatic partnership, they reaffirm their commitments to partner on the following priority areas:
- Continuing to grow economic relations by maximizing trade and investment opportunities;
- Driving investment opportunities in priority sectors; and
- Promoting an enabling business environment through ease of doing business, regulatory excellence and digitalization.
On the first priority area, the statement said this will include sustaining exchanges on trade and investment policy, identifying and promoting tangible opportunities in key growth sectors, and addressing market access concerns to promote a level-playing field.
Both countries will also jointly promote UK’s Developing Countries Trading Scheme (DCTS) to exporters and work to eliminate barriers to trade and investment.
DCTS is UK’s new trade preference scheme that targets to lower or remove tariffs on additional 156 products for developing countries, including the Philippines, in addition to more than 6,000 tariff lines covered by the European Union’s (EU) Generalised Scheme of Preferences Plus scheme.
Following the UK’s official departure from the EU in 2020, it has introduced a new, simpler, and more generous trade preferences scheme to improve access to the UK market for developing countries. The DCTS will replace the UK’s Generalised Scheme of Preferences this year.
On driving investments, the statement said this will include investments through the British Investment Partnerships (BIP) within which the UK will work with the Philippines to mobilize private and public finance and technical expertise to support sustainable infrastructure projects and the transition to clean energy in the Philippines.
Both countries also commit to continued and open dialogue to ascertain key priority projects and maximize opportunities under BIP.
Renewable energy will be at the forefront of both countries’ engagement on the clean energy transition under the BIP.
The statement noted UK’s expertise on rail and integrated transport systems can create the enabling environment for sourcing high-quality investment in public transport. Climate finance can also help to de-risk investment opportunities and address the needs of most at-risk communities.
On the last priority, both countries commit to sustain strong partnership on improving the ease of doing business in the Philippines. This will focus on supporting the Philippines in achieving its regulatory reform objectives, building robust links in promoting the digital economy while recognizing the need for protection of intellectual property rights and fostering a more competitive, green, and open investment climate which can further stimulate capital investment flows into the country.
“The bilateral trade between the UK and the Philippines is the highest it has ever been – and it continues to grow alongside British investment and economic cooperation,” Beaufils said.
“We are excited about the next chapter of our economic cooperation, including our support to the promotion of the ease of doing business and digitalisation, and through our British Investment Partnerships, which will boost investments into green infrastructure development,” Beaufils added.
For his part, Rodolfo said that the DCTS and BIP are “solid frameworks that will ensure our economic relations will remain still strong as ever.”
“The Philippines will continue to work with the UK government to realize concrete opportunities and foster more synergies in areas of mutual interest—in trade, investment, renewable energy, to name a few,” Rodolfo said.
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