The Philippines seeks to revitalize trade with New Zealand, according to Department of Trade and Industry (DTI) Secretary Alfredo Pascual during the Philippine and New Zealand business matching session on April 18.
The session was held on the sidelines of the official visit of New Zealand Prime Minister Christopher Luxon to the Philippines from April 17 to 18, marking the first New Zealand prime minister in 14 years.
Pascual said the Philippines recorded positive growth in exports of bananas and electronics in 2023. The country is now aiming for a more balanced trade picture by promoting a wider variety of exports, including fruits, machinery and vegetable oils.
The Philippines also utilized existing trade agreements, such as the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA) and Regional Comprehensive Economic Partnership (RCEP) to facilitate increased trade.