THE Philippines and Vietnam have leveled up their bilateral relations and agreed to formalize a strategic partnership agreement at the sidelines of the Asia-Pacific Economic Cooperation summit that will be held in the country next month.
At a joint press briefing with Vietnam Deputy Prime Minister and Foreign Minister Pham Binh Minh, Foreign Affairs Secretary Albert Del Rosario said the decision was reached after a comprehensive review of the bilateral relationship which will mark its 40th anniversary next year.
Minh said the two countries have reached a high level of political trust via the regular exchange of visits while economic, trade, defense and security ties have made substantial progress even as the two countries agreed to increase two-way trade to at least $3 billion in 2016.
The two sides pledged to accelerate the signing of a protocol supplementing the bilateral rice trade agreement for 2014 to 16 that aims to maintain Vietnam’s rice supply to the Philippines to ensure food security for the country, the Vietnamese official said.
Both sides highly appreciated the effective cooperation between the two nations in the field of defense and security.
Del Rosario said that elevating bilateral ties to a strategic partnership level will help strengthen cooperation to benefit both countries.
The two sides shared the view that maritime disputes should be settled in line with international law, including the 1982 United Nations Convention on the Law of the Sea, and the Declaration on the Conduct of Parties in the East Vietnam Sea, which was signed between China and Asean in 2002.
All the related parties should accelerate the building of a code of conduct for the East Vietnam Sea, the two officials agreed.