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Monday, June 24, 2024

Philippines, Australia in talks to improve bilateral trade

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Australia disclosed plans to become a top bilateral trade partner of the Philippines.

Australian Embassy senior trade and investment commissioner Christopher Lim said Australia would work on its bilateral trade engagements with the Philippines to move up the list.

“Currently, Australia ranked 15 among the Philippines trade partners.  We need to work on that, and we’ve identified three areas that we will be focusing on almost quite immediately, and one of them is the Southeast Asia Business Exchange. It’s basically focusing on trade missions between Australia and the Philippines,” he said in a press briefing at the Ambassador’s residence.

The embassy, he said, is preparing for more trade missions to the Philippines starting 2024. Under the Southeast Asia Business Exchange, Lim will go to Australia to personally promote the Philippines which can be a business opportunity for both.

Lim said that in terms of investment deals, the embassy is creating an investments deal team to convince Australian companies to invest in the Philippines. It will also serve to facilitate bilateral investments between Australia and the Philippines.

The third area of cooperation will be an exchange of young professionals between the two countries.

“We will be looking at young business people who can and are willing to work in the Philippines and young Filipino professionals to Australia,” Lim said.

All three areas of cooperation are embedded in the Southeast Asia Economic Strategy to 2040, which aims to deepen the country’s economic and trade engagements with the region and the Philippines being part of the region.

Australia continues to be the Philippines second biggest source of imported beef and the biggest source of lamb. Among the top exports of Australia to the Philippines are Luke cherries, table grapes, nectarines and peaches; dairy; packaged foods and beverages.

The Philippines has also a growing market for Australian healthcare and personal care products.

Bilateral trade in 2022 grew by 18 percent to Au$600 billion from Au$508.5 billion 2021.


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