The Philippines aims to increase exports to the United Kingdom (UK) by leveraging $2 billion in export-ready products through the Joint Economic and Trade Committee (JETCO).

Citing data from the International Trade Center (ITC), Trade Undersecretary Allan Gepty said the country has yet to capture around $2 billion in potential exports to the UK.

Gepty said these products include electronic products, critical minerals, and agricultural commodities, among others.

If this potential is realized, the country’s shipments to the UK will significantly expand from the $546.51 million in merchandise exports recorded in 2024.

“Philippines' exports to the UK increased from 2020 to 2022, fell sharply in 2023, but rebounded strongly in 2024,” said Gepty during a forum hosted by the British Chamber of Commerce Philippines (BCCP).

“The 2024 level exceeded earlier years, showing a recovery in demand. Overall exports to the UK remain resilient, with potential for further growth,” he added.

Gepty said the country can widen its exports to the UK through the JETCO, which entered into force last year.

JETCO is a joint forum between the Philippines and the UK that serves as a platform to deepen cooperation across key sectors, including infrastructure, green energy, agriculture, and technology.

Ron Yip, chief negotiator for the UK’s Department for Business and Trade (DBT), said the forum allows both countries to address barriers that are impeding trade and investment.

“[JETCO] will give immediate dividends to allow businesses to trade and invest more easily between the two countries,” he said.

Despite a subpar economic growth last year, Yip noted that the Philippine economy is “still growing at a very healthy rate.”

“So there is a lot of room for continuing to improve our trade and investment relationships,” he added.

Aside from JETCO, Gepty said the country could expand exports to the UK by fully leveraging its participation in the Developing Countries Trading Scheme (DCTS).

The DCTS is a program of the UK government that aims to support the economic development of developing countries, covering reduced tariffs and simplified trading rules.

Gepty said the scheme supports women-led and micro, small, and medium enterprises (MSMEs) in their export operations and encourages diversification into higher-value, digital-enabled exports.

In addition, he said the country would benefit from greater preference through its potential accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), of which the UK is a member.

The Philippines applied to be a member of the CPTPP last year, as part of the government’s efforts to broaden market access for the country’s goods.

“Our eventual accession to the CPTP will basically enhance our market access to the UK market,” said Gepty.

In November last year, the Philippines was recognized as one of the four aspirants that adhere to the CPTPP’s principles.

On the part of the UK, Yip said they are now discussing with other members of the CPTPP on how to move forward with accession protocols, which are likely to begin within the year.

“We very much support the expansion of the membership of the agreement and so we very much welcome applications from those interested parties, of course, including the Philippines,” he said.