Friday, April 7, 2017

PH, UK Aim Strengthened Bilateral Ties

Following the meeting of Department of Trade and Industry (DTI) Secretary Ramon Lopez (left) with United Kingdom (UK) Trade Envoy Richard Graham, UK Secretary of State for International Trade Liam Fox (right) recently met (4 April) with Sec. Lopez to continue elevating the discussion on strengthening PH-UK trade and investment opportunities. UK commended the rising bilateral trade between the Philippines and the UK where PH ranked as the 6th in the UK’s export market and 7th in UK’s import source among the other ASEAN Member States. In 2016, PH imports from the UK grew by 20% from USD 398 M in 2015 to USD 480 in 2016. Sec. Lopez urged the UK State Secretary to further increase the facilitation of trade and investments as the two countries enjoy a momentum of increasing bilateral trade. In line with UK Prime Minister Theresa May’s 12-point plan, UK will diversify its economic partnership with other countries outside of Europe, creating new possible trade deals while maintaining its free trade with the Union. As the Philippines hosts the ASEAN this year, Secretary Lopez encouraged Sec. Fox to invest in the Philippines, being one of the fastest growing economies in Asia and a prime gateway for the ASEAN market. The two sides agreed to explore on possibilities to deepen bilateral relations and further develop a partnership that is mutually beneficial to the Philippines and UK. “We fully intend to be champions of global free trade,” said UK State Secretary concluded, highlighting the thrust of their government.

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