PH, UK sign economic partnership

MANILA  -The Philippines and the United Kingdom have signed a partnership statement focusing on improving trade, investments and economic cooperation, priming the country to join the preferential trading scheme for developing nations which will be launched by the UK next month.

The Department of Trade and Industry on Wednesday said that the partnership statement on trade, investments, and economic cooperation was signed during the fourth round of bilateral economic dialogue held last week.

The dialogue was chaired by Trade Undersecretary Ceferino Rodolfo and UK Ambassador to the Philippines Laure Beaufils.

On the issue of trade, both countries agreed to grow bilateral trade, including through jointly promoting the Development Countries Trading Scheme (DCTS), and continue to address market access concerns to promote a level playing field.

Both parties also agreed to drive investment opportunities, including through the British Investment Partnerships, which is seen to help mobilize private and public finance, as well as technical expertise to support sustainable infrastructure development.

Promoting an enabling business environment through ease of doing business, regulatory excellence and digitalization, was also among those agreed upon by Philippine and UK officials.

“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.