The Philippines and the UK agreed to grow bilateral trade and explore the mutual benefits of the Developing Countries Trading Scheme—a preferential trade agreement similar to the EU’s Generalized System of Preferences as they concluded the fourth round of bilateral economic dialog on May 19, 2023.
Trade Undersecretary Ceferino Rodolfo underscored DCTS as a solid framework that ensures the Philippines trade relations with the UK and the British Investment Partnerships. The UK aims to launch the DCTS in the Philippines this year.
“We thank the UK government for the partnership and collaboration over the years. The Philippines will continue to work with the UK government to realize concrete opportunities and foster more synergies in areas of mutual interest—in trade, investment, renewable energy, to name a few,” Rodolfo said.
The partnership statement signed by both parties showed they agreed to continue to address market access concerns to promote a level playing field and eliminate trade barriers; drive investment opportunities, including through the BIP which can help mobilize private and public finance as well as technical expertise to support sustainable infrastructure development; and promote an enabling business environment through ease of doing business, regulatory excellence and digitalization.