The Philippines and the United Kingdom will launch this year a trading scheme that will cut costs for businesses, such as tariff, and reduce red tape in a bid to advance the trade relations between the two countries, British Ambassador to Manila Laure Beaufils announced on Tuesday, May 23. Beaufils' announcement came as officials from both countries convened for the 4th Economic Dialogue, where they pushed to grow economic relations, drive investment opportunities and promote an enabling business environment of the two nations. "We are excited about the next chapter of our economic cooperation, including our support to the promotion of the ease of doing business and digitalization, and through our British Investment Partnerships, which will boost investments into green infrastructure development," the British envoy said. The initiative is called the Developing Countries Trading Scheme. According to the UK government website, it "cuts administrative costs for businesses by reducing more tariffs and bringing more countries in scope of the most generous tariff reductions." "It also cuts red tape for developing countries, for example by simplifying rules of origin requirements for the least developed nations," it added. Beaufils asserted that "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," she added. Department of Trade and Industry Usec. Ceferino Rodolfo led the Philippine side during the meeting with the UK side headed by Beaufils. In a joint statement, the Philippines and the UK recognized "the critical role that bilateral and regional trade, investment, and economic cooperation play in driving inclusive growth and mutual prosperity." As such, both sides agreed to work on the following: • Continue to grow economic relations by maximizing trade and investment opportunities; • Drive investment opportunities in priority sectors; and • Promote an enabling business environment through ease of doing business, regulatory excellence and digitalization.