The Philippines expressed its commitment to improve the strategic partnership with Australia across trade and investments, people to people, airtime and regional strategic issues.
“We will work together to further enhance the collaboration in the areas if mutual interest such as agriculture, education, critical minerals and clean energy. The Philippines is committed to work with Australia in finding mutually beneficial gains as we move forward in our strategic partnership,” Trade Secretary Alfredo Pascual said in a press briefing at the sidelines of mutual interest the 6th Philippines–Australia Ministerial Meeting (PAMM) in Adelaide, Australia.
Australia Minister for Trade and Tourism Don Farrell said Australia is proud to be a trusted and reliable partner to the Philippines.
“It’s one of the fastest growing economies in the world and is on track to overtake Japan later this decade. We agreed to promote opportunities to boost two-way trade and investment through sending a business mission to the Philippines next year and to establish an investment deal team in Manila itself,” he said.
Farrell, along with Minister for Foreign Affairs Penny Wong, Pascual and Foreign Affairs Secretary Enrique Manalo agreed to reinforce commitments on shared interests in preserving peace in the Indo–Pacific and the stability of the region anchored in respect for sovereignty and agreed rules and norms, and commitment to upholding international law.
Both countries recognized the importance of an inclusive ASEAN-led architecture for regional peace, stability and prosperity, as they agreed to reinforce an extensive and long-standing defense and security cooperation, supported by the Enhanced Defense Cooperation Program.
They also committed to deepen bilateral trade and investment by eliminating unnecessary barriers and creating the best possible conditions for businesses and take advantage of meaningful market access opportunities.
Australia and the Philippines look forward to the successful implementation of the proposed Philippines-Australia Development Partnership Plan (DPP) 2024–2029.
They also agreed to work together to strengthen and reform the rules-based multilateral trading system with the World Trade Organization (WTO) at its core, including reform of the WTO dispute settlement system and commit to make the 13th WTO Ministerial Conference in February 2024 a success, with a focus on WTO reform.
They agreed for an early implementation of the upgraded Agreement Establishing ASEAN–Australia–New Zealand Free Trade Agreement (AANZFTA), the ongoing implementation of the Regional Comprehensive Economic Partnership (RCEP) agreement, and working together to secure ambitious outcomes in the Indo–Pacific Economic Framework (IPEF).