The Philippines and the United Kingdom (UK) recently signed a Partnership Statement on Trade, Investment and Economic Cooperation strengthening their economic relations, including the launch of the Development Countries Trading Scheme (DCTS), a preferential trade scheme.
The statement was signed at the fourth round of bilateral Economic Dialogue chaired by Ceferino Rodolfo, Philippine Department of Trade and Industry undersecretary, and Ambassador to the Philippines Laure Beaufils.
The partnership statement outlines both countries’ commitment to grow bilateral trade, including through jointly promoting the DCTS, and continue to address market access concerns to promote a level playing field; drive investment opportunities, including through the British Investment Partnerships, which can help mobilize private and public finance as well as technical expertise to support sustainable infrastructure development; and promote an enabling business environment through ease of doing business, regulatory excellence and digitalization.
“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. This year we will launch the Developing Country Trading Scheme to further boost bilateral trade between our two countries. 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,” Beaufils said.
Rodolfo said the Philippines will continue to work with the UK government “to realize concrete opportunities and foster more synergies in areas of mutual interest —
in trade, investment, renewable energy, to name a few.”
The Philippines-UK Economic Dialogue remains the countries’ primary vehicle through which to grow economic and trade linkages and share expertise under the Philippines-UK Enhanced Partnership.
