Taiwan-Philippines economic meeting wraps up in Manila

2015/12/08

The 21st economic cooperation meeting between Taiwan and the Philippines concluded Dec. 4 in Manila, with the two sides signing three memorandums of understanding on enhancing mutual collaboration.

Trade facilitation and promotion, as well as regional integration, dominated the agenda of the two-day annual event. This was underscored by the focus of pacts spanning e-commerce and expanded cooperation between Taiwan’s export processing zones and the Subic Bay and Clark Freeport Zones in the Philippines.

In addition, Taipei and Manila pledged to step up exchanges across such areas as artistic craftsmanship, manufacturing, renewable energy, and small and medium enterprise incubation.

According to an official from the ROC Ministry of Economic Affairs, the meeting is a first-class platform for expanding regional and global markets for the two sides. “The economies of Taiwan and the Philippines—a member of the Association of Southeast Asian Nations—are highly complementary, offering a wide variety of natural opportunities for trade enhancement,” the official said.

Convened by MOEA Minister Deng Chen-chung and Philippines Cabinet Secretary Jose Rene D. Almendras, the event also saw Deng urge Taipei and Manila to prioritize negotiations on a bilateral economic cooperation agreement. A joint task force is facilitating the process, with progress expected in the near future.

In terms of regional integration, the MOEA said Taiwan remains committed to joining the Regional Comprehensive Economic Partnership and Trans-Pacific Partnership, a development welcomed by RCEP and TPP negotiating member the Philippines.

Taiwan-Philippines trade hit US$11.6 billion last year, with the Philippines Taiwan’s 11th largest trading partner.

Source: Taiwan Today (http://taiwantoday.tw/ct.asp?xItem=239864&ctNode=2194&mp=9)