AUSTRALIAN Foreign Minister Julie Bishop urged Southeast Asian nations and China to hasten talks on a legally-binding code of conduct in the South China Sea where China has made sweeping territorial claims that have come under international criticism.
At the start of a two-day visit, Bishop spoke at a forum organized by the Stratbase Albert del Rosario Institute for Strategic and International Studies in Makati City and urged the Association of Southeast Asian Nations and China to soon conclude the code of conduct.
Bishop said the July 2016 ruling of the Hague-based Permanent Court of Arbitration on the case filed by the Philippines against China can form the basis of that code of conduct.
At the same time, Bishop pushes for financial reforms in the Philippines to support fair competition among local and foreign industries.
“We are working with the Philippines with the development of a competition policy to ensure efficient and fair market competition for businesses engaged in trade and industries,” she said.
As such, the Australian official reaffirmed its commitment to support the initiatives of the Philippine Competition Commission to implement public financial reforms.
A key element of Australia-Philippine economic partnership is focused on “working together to develop Mindanao as a major economic center.”
In addition, Australia is also batting for equal opportunities for 280 Australian companies operating in the Philippines.
Bishop is optimistic that more Australian companies will consider the Philippines a stable site for their investments in the future.
“Australia and the Philippines are experiencing exciting and interesting times. When we enter into a fiveyear action plan we agreed to work together on strategic matters,” she said.
Two-way trade figures between the Philippines and Australia doubled since 2010 to A$3.9 billion in 2016 from A$1.5 billion seven years ago.
As of 2016, investments by Australian companies amounted A$10 billion.
Employment by Australian firms operating from and in the Philippines have reached more than 30,000 Filipinos.
Australia have previously voiced out concerns on mining policies that has negatively impacted Australian miners and affected the entire industry also.
A request is still pending with the Environment Department to allow Australia to showcase sustainable mining models used by the Australian mining industry to Philippine government officials and to willing Philippine miners.