Philippines, Australia aim to deepen economic ties

MANILA, Philippines — The Philippines and Australia aim to strengthen their economic relations by promoting more significant trade and investments.

In a statement, the Department of Trade and Industry (DTI) said Trade Secretary Cristina Roque met with the Australian Department of Foreign Affairs and Trade Secretary Jan Adams to discuss ways on how to strengthen the bilateral economic relationship of the two countries through trade, investment and shared interests.

During the meeting, the officials also discussed Australia’s Southeast Asia Economic Strategy for 2040, which aims to bolster two-way trade and investment between Australia and Southeast Asia.

Both ministers expressed their commitment to enhance economic security and resilience and promote a rule-based international trading system, particularly through the World Trade Organization (WTO) Agreement on Electronic Commerce.

Last July, over 80 members of the WTO reached an agreement on the first-ever global rules on e-commerce.

This follows five years of negotiations among WTO members, jointly convened by Australia, Japan and Singapore.

In the meeting, Roque also highlighted how the Philippines and Australia complement each other, particularly in sectors like green metals, agriculture, renewable energy, and information technology - business process management.

The DTI believes there are opportunities for both countries to achieve economic growth through these sectors.

Earlier this week, Australia launched its Development Partnership Plan for the Philippines for the years 2024 to 2029.

The plan seeks to support the achievement of the Philippines’ development priorities.

Last year, bilateral trade between the Philippines and Australia reached P378 billion.

In 2023, two-way investment between Australia and the Philippines amounted to P321 billion.