The Philippines and Australia have agreed to promote cooperation in sectors of mutual interest agriculture, education, critical minerals and clean energy.
Don Farrell, Australia minister of trade, in a joint press briefing at the end of the 6th Philippines-Australia Ministerial Meeting (PAMM) in Adelaide, yesterday, both countries are encouraging increased two- way investment and trading, adding “the Philippines is an extremely important partner, economic partner to Australia.”
The identified sectors complement Australia’s Southeast Asia Economic Strategy to 2040.
“The Philippines is one of the fastest growing economies in this part of the world and the end the region. The Philippine population is nearly 115 million and is on track to overtake Japan later this decade,” Farrell said.
He, however, noted there is potential to increase two-way trade which is less than $10 billion.
“We can do a lot better. The Philippines is our 17th largest trading partner.
He said both countries agreed to promote opportunities to boost two way trade and investment through sending a business mission to the Philippines next year.
Farrell added the two partners also agreed to establish an investment deal team in Manila.
“These efforts will make an important contribution to ensuring that we can expand our trade and investment connections,” Farrell said.
Trade Secretary Alfredo Pascual said this strategic partnership with Australia “sends a strong signal of our mutual commitment in deepening collaboration across a spectrum of areas, including security and maritime, people to people, trade and investment and regional strategic issues.”
The ministerial meeting comes after both countries elevated their bilateral relationship from a comprehensive to a strategic partnership with the signing of a Joint Declaration between President Ferdinand Marcos Jr. and Prime Minister Anthony Albanese in Manila last month.
Both sides reaffirmed their continued cooperation to progress the work under the World Trade Organization, Asean-Australia-New Zealand free trade agreement, Regional Comprehensive Economic Partnership and Indo-Pacific Economic Forum.
