Recent reports reveal an encouraging trend in UK-Philippines bilateral trade, with total trade in goods and services hitting a record high of £3.0 billion. Chris Nelson, the Executive Director/Trustee of the British Chamber of Commerce Philippines (BCCP), expressed optimism regarding the ongoing positive trajectory of trade between the two nations.
In a recent interview, Nelson highlighted the efforts undertaken by the British Chamber to bolster trade and investments in the Philippines. Notably, the Chamber launched its Trade & Connect (T&C) series, aimed at familiarizing potential UK investors with the Philippine market and showcasing promising sectors and industries. A recent event in this series, titled "Forecasting 2024: UK-PH Economic Perspectives," featured key officials from both governments, including British Ambassador Laure Beaufils and Department of Trade and Industry Undersecretary Allan Gepty.
Furthermore, the BCCP actively participated in joint economic briefings and cybersecurity receptions, underscoring its commitment to enhancing bilateral cooperation and exploring opportunities for collaboration. Nelson emphasized the UK's expertise in areas such as green energy, infrastructure, and cybersecurity, which align with the growing demand in various industries within the Philippines.
Despite macroeconomic challenges globally, Nelson remains optimistic about the sustained interest from both parties in strengthening trade relations. He also highlighted the significance of initiatives like the Developing Countries Trading Scheme in facilitating Philippine exports to the UK.
As the Philippines ranks as the UK's 59th largest trading partner, with a notable increase of 19.2% in total trade, the British Chamber reaffirms its dedication to representing the burgeoning British business community and promoting the Philippines as an attractive investment destination in the region.
The International Trade Council continues to monitor these developments, recognizing the importance of fostering mutually beneficial trade relationships between nations.
