UK and the Philippines today hold first Joint Economic and Trade Committee (JETCO) in London.
- UK and the Philippines today held inaugural Joint Economic and Trade Committee (JETCO) talks in London aimed at boosting trade and investment
- JETCO aims to realise potential for UK businesses to sell more to the Philippines, one of the fastest growing economies in Asia
- News follows recent win for UK beef industry after Philippine ban on UK beef was lifted in addition to the lifting of a poultry ban with both worth a combined £80m over five years.
Ministers from the UK and the Philippines met in London today [Monday 17 March] for trade talks under the first Joint Economic and Trade Committee (JETCO) meeting.
The Philippines is one of the fastest growing economies in Asia and has the second largest population in Southeast Asia, presenting huge opportunities for British businesses. The JETCO aims to upgrade our bilateral trade relationship, currently worth £2.8 billion annually.
At today's meeting, Minister for Trade Policy and Economic Security Douglas Alexander and Philippine Undersecretary Allan B. Gepty of the Department of Trade and Industry agreed to pursue closer cooperation and increased trade across sectors including infrastructure, renewable energy, agriculture and technology.
They also committed to progressing work towards a government-to-government Financing Framework Partnership that will unlock up to £5 billion of potential financing from UK Export Finance (UKEF) to support the delivery of sustainable public infrastructure and improve access to UK expertise and technology in the Philippines.
Minister for Trade Policy and Economic Security Douglas Alexander MP said:
Today's talks signify an important new chapter in our trading relationship with the Philippines, one of Asia's fastest-growing economies.
Deepening our trade with partners like the Philippines and showing that the UK is open for business in Asia is vital for this Government's mission to deliver economic growth.
I look forward to working with the Philippines and to deliver trading opportunities that will benefit both our economies.
Agriculture is an important area for bilateral trade - the Philippines is the fourth largest export market for UK pork after the EU, US, and China.
Ministers highlighted investment opportunities in the Philippines for UK agricultural companies and promoted imports of UK meat in light of the recent removal of bans on beef and poultry exports from the UK, worth £80 million over five years.
The talks are part of the government's mission to deliver economic growth as part of the Plan for Change.
The International Meat Trade Association (MTA) said:
MTA welcomes the inaugural JETCO between the UK & the Philippines which will deepen our trading relationship with an important partner.
We were delighted that last year the Philippines lifted the ban on UK poultry meat, as well as lifting the temporary ban on UK beef.
We hope the trade partnership between our countries can continue to grow from strength to strength.
Opportunities in offshore renewable energy featured heavily in discussions. In 2024, the UK was the largest single investor in the Philippines, driven mainly by investments in renewables.
Such opportunities for UK companies were enhanced in 2022 with the removal of foreign equity restrictions for renewable energy companies.
The JETCO also celebrated growing digital and tech trade and emphasised the UK's commitment to supporting the Philippines in its economic development, including through the upcoming launch of an Export Handbook for Philippine businesses in the processed agrifood and fish sectors.
Background
- The methodology for the valuation of market access barriers is published in a DBT analytical working paper . In some cases, estimates may have been sourced externally from industry.
