MANILA – The Philippines and the United Kingdom have renewed their commitments to boost trade and investments amid the coronavirus disease 2019 (Covid-19) pandemic following the second Economic Dialogue held between the two governments Wednesday.
In a joint statement, both states commit “to support the global health response and efforts towards an inclusive, green and sustainable economic recovery”.
“The Philippines is a key economic partner and ally of (the) UK in Asean. Engaging (the) UK bilaterally is strategically important at this crucial time as they implement their independent trade regime and as we ramp up international cooperation towards recovery from the effects of the pandemic,” Department of Trade and Industry (DTI) Undersecretary Ceferino Rodolfo said.
The economic dialogue with the UK is the country’s first bilateral meet outside Asean since the onset of the coronavirus.
The economic dialogue also marks the 75 years of bilateral relations between the Philippines and UK in 2021.
“We move a step closer to 75 years of Philippine-UK friendship, and we look forward to an even stronger collaboration between our nations working together to shape the UK‘s dynamic partnership with Asean and the wider region,” British Ambassador to the Philippines Daniel Pruce said.
Pruce added that despite the Covid-19 pandemic, the two countries will continue to pursue closer ties for an “inclusive, green, and sustainable economic recovery”.
The Philippines and UK reaffirm their commitments to boost trade and investments, particularly in sectors of aerospace, electronics, automotive, and pharmaceuticals; pursue innovation and industrial collaboration; foster micro, small and medium enterprise development; enable key reforms and deepen program partnerships, including through the UK Prosperity Fund in areas like health, education, low carbon energy, infrastructure, finance, business environment, intellectual property, and digital economy.
In February 2020, UK Prime Minister’s Trade Envoy to the Philippines Richard Graham visited Manila to reinforce economic ties between the two countries despite UK’s transition to leave the European Union (EU) by end of the year.
Graham, who is also a British parliament member, has said the UK government will pursue independent trade agreements around the globe and he sees strong potential for Philippines-UK free trade agreement in the future. (PNA)
