Pakistan and the Philippines have reached an agreement to investigate the potential for a Preferential Trade Agreement (PTA) and to enhance their economic collaboration during the 2nd Meeting of the Pakistan-Philippines Joint Economic Commission (JEC) that took place in Manila.
As stated in an official announcement released on Friday, the meeting was co-chaired by Secretary of the Economic Affairs Division, Muhammad Humair Karim Kidwai, and Undersecretary for International Trade, Atty Allan B Gepty, from the Philippine Department of Trade and Industry.
The gathering was also attended by Pakistan’s Ambassador to the Philippines, Dr Asima Rabbani, and the Philippine Ambassador to Pakistan, Dr Emmanuel R Fernandez, along with senior officials from both nations.
The two parties exchanged perspectives on the global economic landscape and provided updates on their individual economic forecasts and trade policy priorities.
Pakistan and the Philippines assessed their bilateral trade and investment relationships and recognised significant untapped opportunities for growth.
Pakistan emphasised the potential for exports in agricultural products and halal-certified goods, proposing initiatives such as business exchanges, trade fairs, and the establishment of a dedicated business forum.
Both parties highlighted the significance of private sector involvement and expressed support for revitalising the Pakistan-Philippines Joint Business Council.
Pakistan and the Philippines agree on bilateral trade
Additionally, Pakistan suggested enhanced investment collaboration, which includes a memorandum of understanding between the respective Boards of Investment and the formation of a Joint Working Group on Investment.
Discussions regarding market access issues included Pakistan’s insistence on the prompt resolution of its outstanding requests.
Both parties agreed to maintain communication through established channels. They expressed a willingness to explore a Preferential Trade Agreement (PTA), noting that feasibility studies would inform future negotiations.
The current JEC framework may also be reinforced to include broader sectoral cooperation.
Sectoral discussions encompassed agriculture, irrigation and water management, halal development, health and pharmaceuticals, banking and taxation, as well as higher education and technical training.
