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Philippines and United Kingdom forge strong economic partnership

The Philippines and the United Kingdom have inked a vital partnership focused on trade, investment, and economic cooperation.

This landmark agreement comes on the heels of the successful fourth round of bilateral Economic Dialogue, which brought together the Department of Trade and Industry of the Philippines and His Majesty’s Ambassador to the Philippines, Laure Beaufils.

In a joint statement, both nations reaffirmed their unwavering commitment to maximizing trade and investment opportunities by addressing key concerns related to market access, thereby fostering a level playing field.

With a shared vision, they have pledged to explore investment prospects in priority sectors, including renewable energy, rail and integrated transport systems, and climate finance, showcasing their dedication to sustainable development.

Moreover, the Philippines and the UK have recognized the significance of cultivating an enabling business environment. They aim to achieve this by streamlining processes, embracing regulatory excellence, and embracing digitalization. Special attention will be given to supporting the Philippines’ regulatory reform objectives and establishing robust connections to stimulate the growth of the digital economy.

To solidify their collaboration and outline specific actions required to accomplish their shared objectives, the two nations will develop a comprehensive joint action plan on trade, investment, and economic cooperation.

Notably, the Philippines has experienced an upward trajectory in exports to the UK, reaching $542.56 million in 2022—an impressive 14% increase from the previous year’s $475.19 million. Furthermore, the UK has demonstrated its confidence in the Philippine economy by increasing investments, with a notable turnaround of $242.47 million in 2022 compared to the previous year’s withdrawal of $97.47 million.

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