PH seeks boost in trade with UK

MANILA, Philippines—The Philippines aims to boost trade with the United Kingdom, the fifth-largest economy in the European Union, by becoming the UK’s “gateway” to the Association of Southeast Asian Nations region.

“The United Kingdom presents new opportunities in various market segments. The Philippines can also be UK’s strategic gateway to Asia through the free trade agreements that we have with other countries,” Trade Undersecretary Adrian Cristobal Jr. said in a statement Thursday.

The Philippines was the UK’s 21st-largest trading partner in 2009, with total trade reaching $547.2 million. This amount represented around 0.65 percent of the country’s global trading activities.

The country’s main exports to the UK included tuna, parts and accessories of automatic data processing machines, electronic micro assemblies, motor vehicle parts and desiccated coconut.

Its primary imports, on the other hand, included electronic integrated circuits, uncoated paper and paperboard, newsprint, parts of electrical products and books and brochures.

Apart from trade, Cristobal said the UK also presented a host of investment opportunities that the Philippines could take advantage of.

“Many British businesses are already aware of the advantages the Philippines offers. Our English-speaking business environment, multi-cultural sensitivities and strategic location in Asia are attractive for British companies seeking to expand their business in Southeast Asia,” he said.