THE PHILIPPINES and the UK on Monday embarked on their first Joint Economic and Trade Committee (JETCO) meeting in London, the Department of Trade and Industry (DTI) said.
“We are just reinforcing our trade and economic ties through the JETCO mechanism,” Bureau of International Trade Relations Director Marie Sherylyn D. Aquia said via Viber.
She said that the Philippines is hoping that the JETCO will cover “infrastructure, energy, agriculture, trade promotion, and investment promotion.”
British Chamber of Commerce Philippines (BCCP) Executive Chairman Chris Nelson said that the JETCO is a reflection of how the UK and the Philippines see the trade going.
“It’s going to be increasing; it’s already reached 2.8 billion pounds, and there are a lot more opportunities. So this is a very encouraging start. I think from the Philippines, Trade Undersecretary Alan Gepty has gone to London,” Mr. Nelson said by phone.
“You have got to look at this as an overall increase in relations. And it follows on from the work we have been doing at the British Embassy,” he added.
He said JETCO signifies an upgrade of trading relations.
“The UK launched about two years ago the Developing Countries Trading Scheme (DCTS). Trade has continued to grow between the two countries, obviously due to the work of the embassy, business and trade, and also ourselves, the British Chamber,” he added.
The Philippines is currently a participant in the UK’s DCTS, which gives duty-free access to 92% of its product lines entering the British market.
“I’m sure it (the JETCO) would cover those under DCTS. I mean, I am not there at the discussions, but I am sure they are going to discuss all possible areas of cooperation,” he said.
The BCCP hopes the UK and the Philippines will also discuss priority legislation.
“For example, we’d like to see the Cybersecurity Act passed because we think that’s very important,” he said.
“We also want to see e-governance, as this will further improve the opportunities. If ease of doing business improves, this will, in our opinion, increase and assist in terms of investments coming into the country. So, we’re hoping that JETCO will also touch on that,” he added.
The DTI’s Export Marketing Bureau reported that total trade between the UK and the Philippines was $1.18 billion in 2024. The UK was the Philippines’ 23rd leading trading partner last year. — Justine Irish D. Tabile