The Philippines targets to sign with Italy by September a memorandum of understanding (MOU) towards the creation of a Joint Economic Cooperation (JEC), a platform for stronger trade and investment ties.
This developed as the Philippines also targets to wrap up in two weeks the text of the Philippines-South Korea free trade agreement.
Trade Secretary Alfredo Pascual told delegates of the High-Level Dialogue on Asean-Italy Economic Relations he has instructed Trade Undersecretary Ceferino Rodolfo to facilitate the conclusion of the negotiations for a JEC which started in June.
The JEC is a framework for a dialogue between two countries to improve their economic relations.
Pascual said the Philippines is ready to host Deputy Minister of Foreign Affairs Manlio Di Stefano and the Italian business delegation by September when the MOU shall have been signed.
He also broached the possibility of bringing the high-level dialogue to the Philippines in 2024.
Pascual took the opportunity to discuss how Italy can be engaged in the Philippines’ various sectors in line with the Practical Areas of Cooperation for 2022 to 2026 adopted by Asean and Italy on sectors like climate change, energy security, and food security.
Some of the sectors he offered are in aerospace parts manufacturing; aircraft maintenance, repair, and overhaul and aerospace research and development; renewable energy through technical cooperation with Italy in digitally supported grids; green metals production for Italian electric vehicles and battery production sectors; smart technologies in manufacturing and agriculture.
Meanwhile, Rodolfo said he received instruction from Pascual to accelerate the process of legally reviewing the actual English text of the Philippines-Korea FTA. “Hopefully within two weeks (Pascual) would like both sides to initial the Agreement, so both sides can then undertake the domestic process so the Agreement can be officially and formally signed,” Rodolfo said in a text message.
