ASIA NEWS NETWORK
WE KNOW ASIA BETTER
Philippines, China sign trade pact
Publication Date : 26-09-2013
Despite an ongoing territorial dispute, the Philippines and China have signed an agreement to jointly create a transparent, liberal and facilitative investment regime and to deepen bilateral economic development between the two countries.
The memorandum of understanding was signed by Arnel Paciano D. Casanova, chair of the Philippine Investment Promotions Plan Steering Committee (PIPP-SC), and Xu Ning Ning, executive secretary general of the China-Asean Business Council (CABC), at the recent 10th China-Asean Expo in Nanning, China.
“The signing of the MOU is based on the principle of equality, mutual benefit and win-win cooperation for both countries,” said Casanova, who also heads the state-run Bases Conversion and Development Authority (BCDA).
Casanova noted that the memorandum reaffirmed the existing strong investment promotion cooperation between the Philippines and China. Both parties, he added, have agreed to position the Philippines in global supply chains by engaging CABC member associations in the areas of manufacturing, agro-industrial business and tourism infrastructure development.
The CABC, which is one of the five main cooperation and dialogue organizations between China and the Asean, includes the China Council for the Promotion of International Trade (CCPIT), the Asean Chambers of Commerce and Industry (ACCI), the national business leaders, well-known enterprises and expert members of Asean.
PIPP-SC and CABC also agreed to develop industrial linkages as a necessary step in investment promotion cooperation through special economic zones (SEZs) as part of a long-term process of strategic engagement between the host governments.
Mutual investments will also be promoted between the Philippines and China through exchanges and mutual understanding among investment promotion agencies and CABC-member industry associations.
Casanova also disclosed that “inbound and outbound missions among the PIPP-SC and CABC will be promoted to further strengthen appreciation of actual business and industry conditions to enable speedy facilitation of potential investment agreements.”
On top of such benefits, the memorandum will enable the PIPP-SC and the CABC to establish effective platforms for cooperation and expand channels of exchanges to enable, support and complement the offshore strategies of Chinese enterprises to the Philippines.
In addition, the MOU is expected to generate beneficial contacts to promote the interchange of educational experience, information and industrial strategic alliances.