If the Philippines is able to secure trade deals with Australia, it would most definitely help the country recover from the economic crisis it currently faces amid the COVID-19 pandemic. Australia for its part vowed to usher trade and investment partnerships in various industries and sectors.
Both sides recognized the importance of Australia’s investments in the country, with over 300 Australian companies employing about 44,000 Filipinos.
THE Philippines and Australia recently engaged in trade dialogues even as the two countries sought to strengthen the bilateral ties, especially with the country proposing an increase in its fruit exports to our counterpart.
Trade and Industry Undersecretary Ceferino Rodolfo and Australia's Department of Foreign Trade Deputy Secretary Christopher Langman led the talks during the Philippines-Australia Trade, Investment, and Industry Dialogue (PATIID).
Both sides recognized the importance of Australia’s investments in the country, with over 300 Australian companies employing about 44,000 Filipinos.
Australia also acknowledged the increase in investments coming from the Philippines.
Some Filipino companies have established their presence in the country, including Monde Nissin, Victoria Container International Terminal, Ramcar Holdings, Inc., San Miguel Corporation, and Century Pacific Food, Inc.
In order to drive more foreign investments, both countries provided information on new policy reforms in terms of business environment.
In the hopes of building stronger and wider markets, Australia asked to collaborate with the Philippines’ Department of Trade and Industry, Department of Budget and Management, Department of Foreign Affairs, and the Anti-Red Tape Authority.
During the meeting, both countries also spoke about possible trade and investment partnerships in important areas essential during the pandemic such as vaccines, PPE, and pharmaceuticals.
They also plan to do partnerships in renewable energy, electric vehicles, shipbuilding, electric vehicles, agriculture, defense, and development in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).
Before raising the issues on the country’s exports to Australia, Rodolfo mentioned the very first shipment of frozen durian from Davao to Australia.
Noting its success, he hoped for Australia to be one of the country’s consistent customers in terms of fruit export.
Rodolfo also asked Langman for assistance for the Philippines to gain market access for fresh Cavendish bananas along with durian and dragon fruit.
On top of seeking approval, he also requested the stop of the anti-dumping measure on Philippine canned pineapples.
Australia assured that it would work closely with the Philippines and its exporters in addressing the requests made.
Rodolfo acknowledged the pledge and noted how he sees hope in the expansion of Filipino retail offerings in Australia.
Currently, there has been an increase in Filipino food, fashion, and home furnishing offerings in Australian stores and supermarkets. (MO)
Tags: #internationaltrade, #Philippines, #Australia, #bilateralrelations