4th UK-Philippines Economic Dialogue Joint Press Statement
On 19 May 2023, the UK and the Philippines held their 4th bilateral Economic Dialogue co-chaired by His Majesty’s Ambassador to the Philippines Laure Beaufils and Philippine Department of Trade and Industry Undersecretary Ceferino Rodolfo.
The UK and the Philippines signed a Partnership Statement on Trade, Investment and Economic Cooperation, which includes the following elements:
- To work to grow bilateral trade, including through jointly promoting the Development Countries Trading Scheme, and continue to improve market access to promote a level playing field;
- Drive investment opportunities, including through the British Investment Partnerships, which can help mobilise private and public finance as well as technical expertise to support sustainable infrastructure development; and
- Promote an enabling business environment through improving the ease of doing business environment and promoting regulatory excellence.
Ambassador Beaufils said:
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 digitalisation, and through our British Investment Partnerships, which will boost investments into green infrastructure development.
Undersecretary Rodolfo added:
We thank the UK Government for the partnership and collaboration over the years. The DCTS and BIP are solid frameworks that will ensure our economic relations will remain still strong as ever. 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 UK-Philippines Economic Dialogue remains the countries’ primary vehicle through which to grow economic and trade linkages and share expertise under the UK-Philippines Enhanced Partnership.
For more information, please contact:
British Embassy Manila ukinthephilippines@fcdo.gov.uk
Philippine Department of Trade and Industry BITR@dti.gov.ph