MANILA, Philippines—President Benigno Aquino III and Swiss President Eveline Widmer-Schlumpf discussed increasing trade between the Philippines and Switzerland during a meeting on the sidelines of the 9th Asia-Europe Meeting in Vientiane, the Department of Foreign Affairs (DFA) said on Tuesday.
Aquino and Schlumpf agreed to convene the Philippines-Switzerland Joint Economic Commission—a consultation mechanism to facilitate bilateral discussions on trade and investment cooperation.
They also discussed Switzerland’s proposal for a free trade agreement between the Philippines and the European Free Trade Area (Efta) and affirmed the potential and viability of such a mechanism to enhance economic relations. Efta includes Switzerland, Liechtenstein, Iceland and Norway.
The DFA said Mr. Aquino expressed his appreciation for the continued confidence exuded by Swiss companies in the Philippines as seen in the recent expansion of Nestlé, which infused P4.9 billion worth of investments for its new factory in Tanauan, Batangas, and the robust performance of Holcim and other Swiss companies in the Philippines.
More than 60 Swiss companies operate in the Philippines, employing roughly 12,000 Filipinos.
In the first half of 2012, Switzerland became the fifth largest export market of the Philippines in Europe and the 17th in the world with total bilateral trade amounting to $313.20 million.
A Swiss business delegation is expected to visit the country in 2013. Jerome Aning