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Manila Bulletin devider Business devider Trade & Industry devider PH, Australia identify 4 areas of collaboration

PH, Australia identify 4 areas of collaboration

Published Oct 10, 2023 09:34 am

Philippines and Australia trade ministers have identified four areas -- agriculture, education, critical minerals, and clean energy transition -- of collaboration to further two-way investments and trade between the two nations.

Trade and Industry Secretary Alfredo Pascual highlighted the four areas of collaboration as he put emphasis on the country's alliance with Australia during the joint media conference at the conclusion of the 6th Philippines-Australia Ministerial Meeting (PAMM) on Tuesday,  Oct. 10, in Adelaide, South Australia.

“The Philippines and Australia ministerial meeting that we just completed is truly a testament to the commitment of the Philippines to operationalize the strategic partnership with Australia. It sends a strong signal of our mutual commitment in deepening collaboration across a spectrum of areas including security and maritime, people-to-people trade and investment, and regional strategic issues,” Pascual said.

For his part, Australian Minister for Trade and Tourism Don Farrell emphasized the Philippines' importance as an economic partner to Australia, citing the country's rapidly growing economy and a population of nearly 115 million.

“The Philippine population is nearly 115 million and is on track to overtake Japan later this decade. But we can do better. In fact, we can do a lot better,” Farrell said.

Farell also said that Australia aims to improve trade and investment with the Philippines, promoting opportunities through a business mission and an investment deal team in Manila.

The Philippines is Australia’s 17th largest trading partner, with a two-way trade worth less than $10 billion, according to Farell.

“Today, we agreed to promote opportunities to boost two-way trade and investment through sending a business mission to the Philippines next year, and to establish an investment deal team in Manila itself,” he added.

Pascual said that the focus of the PAMM was on strengthening partnerships in key regional critical areas like security, maritime, trade, and investment.

On bilateral investments, both recognized the need to enhance collaboration in agriculture, education, critical minerals, and clean energy transition, which complements Australia’s Southeast Asia Economic Strategy to 2040.

“In terms of economic relations, Australia remains an important trade and investment partner of the Philippines and we will work together to further enhance the collaboration in the areas of mutual interest such as agriculture, education, critical minerals, and clean energy,” Pascual said.

The sixth PAMM was also joined by Department of Foreign Affairs Secretary Enrique A. Manalo and Minister for Foreign Affairs Penny Wong of Australia's Department of Foreign Affairs and Trade (DFAT) to co-chair.

The ministerial meeting came after both countries elevated their bilateral relationship from a comprehensive to a strategic partnership with the signing of a Joint Declaration between President Ferdinand R. Marcos Jr. and Prime Minister Anthony Albanese in Manila last month.

The PAMM discussions between the secretaries and ministers set the course for deepening, broadening, and strengthening the strategic ties between the Philippines and Australia across a spectrum of areas, including cooperation, bilateral and regional trade and investment, and global and regional strategic issues.

In terms of balancing bilateral trade, Pascual enjoined Australia to create the best possible conditions for businesses to flourish through the timely resolution of market access issues and the elimination of unnecessary trade barriers.

Meanwhile, both sides reaffirmed their continued cooperation to progress the work under the World Trade Organization (WTO), ASEAN-Australia-New Zealand FTA (AANZFTA), Regional Comprehensive Economic Partnership (RCEP), and Indo-Pacific Economic Forum (IPEF).

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