Ministers from the UK and the Philippines met in London today
[Monday 17 March] for trade talks under the first Joint Economic
and Trade Committee (JETCO) meeting.
The Philippines is one of the fastest growing economies in Asia
and has the second largest population in Southeast Asia,
presenting huge opportunities for British businesses. The JETCO
aims to upgrade our bilateral trade relationship, currently worth
£2.8 billion annually.
At today's meeting, Minister for Trade Policy and Economic
Security and Philippine
Undersecretary Allan B. Gepty of the Department of Trade and
Industry agreed to pursue closer cooperation and increased trade
across sectors including infrastructure, renewable energy,
agriculture and technology.
They also committed to progressing work towards a
government-to-government Financing Framework Partnership that
will unlock up to £5 billion of potential financing from UK
Export Finance (UKEF) to support the delivery of sustainable
public infrastructure and improve access to UK expertise and
technology in the Philippines.
Minister for Trade Policy and Economic Security MP said:
Today's talks signify an important new chapter in our trading
relationship with the Philippines, one of Asia's fastest-growing
economies.
Deepening our trade with partners like the Philippines and
showing that the UK is open for business in Asia is vital for
this Government's mission to deliver economic growth.
I look forward to working with the Philippines and to deliver
trading opportunities that will benefit both our economies.
Agriculture is an important area for bilateral trade – the
Philippines is the fourth largest export market for UK pork after
the EU, US, and China.
Ministers highlighted investment opportunities in the Philippines
for UK agricultural companies and promoted imports of UK meat in
light of the recent removal of bans on beef and poultry exports
from the UK, worth £80 million over five years.
The talks are part of the government's mission to deliver
economic growth as part of the Plan for Change.
The International Meat Trade Association (MTA)
said:
MTA welcomes the inaugural JETCO between the UK & the
Philippines which will deepen our trading relationship with an
important partner.
We were delighted that last year the Philippines lifted the ban
on UK poultry meat, as well as lifting the temporary ban on UK
beef.
We hope the trade partnership between our countries can continue
to grow from strength to strength.
Opportunities in offshore renewable energy featured heavily in
discussions. In 2024, the UK was the largest single investor in
the Philippines, driven mainly by investments in renewables.
Such opportunities for UK companies were enhanced in 2022 with
the removal of foreign equity restrictions for renewable energy
companies.
The JETCO also celebrated growing digital and tech trade and
emphasised the UK's commitment to supporting the Philippines in
its economic development, including through the upcoming launch
of an Export Handbook for Philippine businesses in the processed
agrifood and fish sectors.
Background
- The methodology for the valuation of market access barriers
is published in a DBT analytical working paper.
In some cases, estimates may have been sourced externally from
industry.
