United Kingdom Considers Establishing Joint Trade and Economic Committee with the Philippines
The International Trade Council reports that the United Kingdom (UK) and the Philippines are in discussions regarding the potential formation of a Joint Trade and Economic Committee (JETCO). The aim of the JETCO would be to strengthen economic connections between the two nations.
The Department of Trade and Industry (DTI) of the Philippines has shown positive reception to the UK's interest in this collaboration. According to a recent update shared by DTI Secretary Alfredo Pascual, the establishment of JETCO can offer a structured platform to intensify economic relations, catalyze trade and investments, and address associated challenges.
Historically, the UK has initiated JETCOs with several countries as a mechanism to mitigate trade impediments and to foster smoother trade in goods and services. Within the Southeast Asia region, the UK presently has JETCO agreements with nations including Indonesia, Malaysia, Thailand, and Vietnam.
Furthermore, it's worth noting that as of June, the UK inaugurated the Developing Countries Trading Scheme with the Philippines, introducing preferential tariffs for goods entering the UK. There has also been a mutual commitment from both countries to cultivate a revised Joint Action Plan on Trade, Investment, and Economic Cooperation, set to continue until 2024.
In the context of these discussions, DTI Secretary Alfredo Pascual, who also serves as the coordinator for ASEAN-UK Economic Relations, recently met with British Minister for International Trade, Nigel Huddleston, in Indonesia during the ASEAN economic ministers' gathering.
Both officials conveyed their keenness to nurture and expand ASEAN-UK economic collaborations.
The International Trade Council recognizes the significance of these potential partnerships and remains invested in the progression of international trade dynamics.
About the International Trade Council
The International Trade Council is a non-partisan global entity that advocates for the promotion of trade relationships between countries, industries, and businesses, aiming for sustainable global economic progress.
