MANILA, Philippines — The Philippines and Indonesia are looking to work together in investment promotion, halal products and creative economy to enhance trade and investment flows.
In a statement , the Department of Trade and Industry said the Philippines and Indonesia recently conducted the 8th Meeting of the Joint Working Group (JWG) on trade, investments, handicrafts and shipping, led by Trade Undersecretary Ceferino Rodolfo and Indonesia Ministry of Trade director general for International Trade Negotiations Iman Pambagyo.
During the JWG meeting, the two countries discussed the signing of a memorandum of understanding on investment promotion, halal products quality assurance and the creative economy within the year to increase trade and investments.
Also covered by the meeting was the conduct of dialogue on copper and textiles within the year to be attended by the government and private sector to serve as a platform to share best practices and current industry regulations, as well as discuss collaboration activities.
Both countries see the industry dialogue as a way to improve their manufacturing capability through more investments and use of technology.
Indonesia also proposed cooperation in the area of fisheries and border trade, which the Philippines is open to study.
“The Philippines is committed to consider the proposals given its relevance to both the Philippines and Indonesia as archipelagic states with common borders and taking into account the developments in sub-regional integration,” Rodolfo said.
Both countries also vowed to improve the business environment.
Through the JWG, the two countries are able to discuss trade, investments, economic cooperation and other issues affecting the business environment, in addition to their engagement under the Association of Southeast Asian Nations (ASEAN) framework.
“Convening the JWG with Indonesia is of strategic importance to the Philippines given the many commonalities we share. With the challenging times ahead, working together as two of the biggest economies in ASEAN to address the unprecedented crisis is the best recourse,” Rodolfo said.