11 hours ago
1
THE British Chamber of Commerce Philippines Executive Chairman Chris Nelson welcomed the developments on the United Kingdom and the Philippines bilateral trade with the recently held inaugural Joint Economic and Trade Committee (Jetco) meeting, aimed at promoting market access, and trade and investments in infrastructure, renewable energy and agriculture.
The key areas of collaboration focused on investments on infrastructure and development projects; agriculture in terms of meat trade and animal disease detection mechanisms; and trade promotion initiatives in technology and renewable energy through leveraging the Developing Countries Trading Scheme, which mandates tariff-free access on 92 percent of products for Philippine exporters to the UK.
Nelson further mentioned the $600-million investment by the UK-based company Actis for the development of the world's largest solar project. Aside from renewable energy, agriculture remained the second top UK exported goods at 38.9 million pounds and may further increase due to the lifting of the beef and poultry ban.
IMPROVING TRADE According to British Chamber of Commerce Philippines (BCCP) Executive Chairman Chris Nelson, the Joint Economic and Trade Committee meeting will further strengthen the growing momentum in trade, which totaled to 2.8 billion pounds of total trade in goods and services. PHOTO FROM BCCP
The chamber has also actively worked with the UK Agriculture and Horticulture Development Board, and has successfully arranged market briefings, market visits and business-to-business meetings since 2021. These current figures and developments, according to Nelson, will further increase the number of British companies.
Get the latest news
delivered to your inbox
Sign up for The Manila Times newsletters
By signing up with an email address, I acknowledge that I have read and agree to the Terms of Service and Privacy Policy.
