Australia forms investment body in PH

The Australian government has formed an investment deal team in Manila, as part of its efforts to improve economic ties with the Philippines along with a trade mission slated for next year.

Sen. Don Farrell, Australian minister for trade and tourism, said this during a press conference following the 6th Philippine-Australia Ministerial Meeting, which was held in South Australia’s capital city of Adelaide.

“This effort will make an important contribution to ensuring that we can expand our trade and investment connections,” Farrell said, highlighting that both sides have agreed to boost trade and investments between the two countries.

The Australian official said he had discussed with Trade Secretary Alfredo Pascual the ways on how they could deepen trade cooperation in sectors such as agriculture, education, resources and clean energy transition.

Important partner

“The Philippines is an extremely important economic partner to Australia. It is one of the fastest growing economies in this part of the world and the region,” Farell added.

“With less than $2 billion worth of two-way trade, the Philippines is our 17th largest trading partner,” he also said, highlighting that Australia will send a business delegation to the Philippines next year.

For his part, Pascual said that both parties would work together to further enhance collaboration in areas of mutual interest as mentioned by Farell, adding that they were also looking at the critical minerals sector.

“The Philippines is committed to work with Australia in finding mutually beneficial gains as we move forward in our strategic partnership,” Pascual said.

Aside from these measures, both countries also mentioned in a joint statement that there was an agreement to work together to strengthen and reform the rules-based multilateral trading system with the World Trade Organization, particularly in the international body’s dispute settlement system.

Both also agreed to continue to strengthen regional trade and investment through the early implementation of the upgraded Agreement Establishing Asean–Australia–New Zealand Free Trade Agreement and the ongoing implementation of the Regional Comprehensive Economic Partnership Agreement. INQ