In an effort to sustain the rapidly growing bilateral trade relations between the UK and the Philippines, Chris Nelson, British Chamber of Commerce Philippines (BCCP) executive director/trustee paid a courtesy visit to Ambassador Teodoro Locsin Jr. at the Philippine Embassy in London. The discussion revolved around several economic opportunities present within both countries.
Among the opportunities that were discussed was the Joint Economic and Trade Committee (JETCO) to which the UK and the British Chamber support to identify trade barriers and further liberalize the market.
Previously, the Philippine Department of Trade and Industry also welcomed this interest to further promote trade and investment in the country and acknowledged the role of the UK in regional trade integration.
The recently launched Developing Countries Trading Scheme (DCTS) was also raised which imposes tariff reductions particularly duty-free and quota-free trade on several products and goods which saves the Philippines up to £20 million UK export tariffs.
The British Chamber believes that the trading scheme is mutually beneficial especially with the growing business community within the UK and the Philippines. In line with this, tariff reduction has also consistently advocated by the British Chamber particularly the extension of lowered tariffs on pork.
With the Philippines, being the second largest UK export market last year– gaining market influence within Filipino importers and distributors.
Moreover, the much awaited Great British Festival 2024 was also raised– with the Philippine Embassy in London expressing its interest in supporting the event. The return of the festival will take place on the 27th-28th of January 2024 to celebrate the long standing relations between the UK and the Philippines.
Last year, a total of 38 UK companies attended the event and introduced products to the local market. The British Chamber anticipates more fun and larger activities, programs, and performances that capture British culture and engage with the Filipino community.