UK, Philippines plan new Joint Trade Economic Committee to boost trade

04 Sep '23

2 min read

Pic: Shutterstock

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The UK and the Philippines are planning a new Joint Trade Economic Committee to boost bilateral trade, now at the highest-ever level of £2.6 billion, the UK government said following foreign secretary James Cleverly's visit to Manila.
Both sides will jointly enhance trade and investment, focused on renewable energy, agriculture and infrastructure and sustainability.

The United Kingdom and the Philippines are planning a new Joint Trade Economic Committee to boost bilateral trade, which is now at the highest-ever level of £2.6 billion, the UK government recently said.

UK foreign secretary James Cleverly recently visited Manila and met his Philippine counterpart Enrique Manalo.

“Together, we will enhance trade and investment with a particular focus on renewable energy, agriculture, infrastructure and technology and promoting inclusive and sustainable growth,” the British Embassy in Manila said in a press release after the visit.

The United Kingdom, which has made 99 per cent of Filipino exports eligible for tariff free access to the UK market, has £4 billion in UK export finance to further support British trade with the Philippines, it said.

The United Kingdom has developed strong partnerships with the Philippines on climate, environment and biodiversity.

Over the last year, it has worked with the Philippines to support the development of climate tools and strategies that set the country’s direction on climate action. This includes a National Adaptation Plan, which will be launched at COP28.

Both sides are jointly implementing a suite of programmes to enhance climate resilience and adaptation, halting and reversing nature and biodiversity loss and accelerating the transition towards a green economy.

Fibre2Fashion News Desk (DS)

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